Balfour Beatty to scrap £690k dep chief exec role as Anthony Rabin retires
Balfour Beatty deputy chief executive Anthony Rabin will retire on 30 June 2012 after 17 years with the group.
The firm said Mr Rabin’s role - for which he was paid nearly £690,000 in 2010 - will not be replaced on the board.
Chief operating officer Andrew McNaughton will take on responsibility for leading the growth of the Infrastructure Investments Division.
Mr Rabin was appointed as a director in 2002, has served as finance director and was central in establishing Balfour Beatty Capital 15 years ago, which has expanded to become the Infrastructure Investments Division.
Mr Rabin, 55, was paid a basic salary of £437,000 in 2010, according to accounts - the second highest for that year below chief executive Ian Tyler, who earned £648,000, while Mr McNaughton was on £397,500.
Including a £162k bonus and benefits and pension, the deputy executive role earned £689,783 in 2010. Mr Tyler took £979,99 and Mr McNaughton £605k.
Steve Marshall, Balfour Beatty chairman, said: “Over the years, Anthony has brought a tremendous knowledge and experience to the group and he has played a pivotal role in helping shape our direction and growth.
“On behalf of myself and our colleagues on the board, I would like to take this opportunity to thank Anthony for the significant contribution he has made to our business over these years and to wish him well in all his future plans.”
Ian Rylatt - who has been managing director at Balfour Beatty Capital for 10 years - will succeed Mr Rabin as CEO of the Infrastructure Investments Division, reporting to Mr McNaughton. Mr Rylett will also continue his role as MD for BB Capital, and will join the executive committee.
Prior to joining the group in 1995, Mr Rabin was a partner at Coopers & Lybrand and before that, a senior assistant director at Morgan Grenfell. He is a
chartered accountant and a barrister.
Balfour Beatty reported a nine per cent rise in profit for 2011 earlier this month.