Balfour Beatty, one among Britain’s greatest building teams, is lining up Lord Allen of Kensington, the previous ITV leader government, as its subsequent chairman.
Sky Information has learnt that the FTSE-250 corporate, which is likely one of the major contractors at the HS2 high-speed rail hyperlink, is in complex talks to nominate the Labour peer as Philip Aiken’s successor.
Resources mentioned his appointment might be introduced once Balfour Beatty’s annual assembly subsequent week.
If showed, it might mark an sudden go back after greater than a decade to the boardroom of a London-listed corporate by means of one among Britain’s maximum outstanding businessmen-turned-parliamentarians.
Lord Allen left ITV in 2006, having engineered the corporate’s advent throughout the merger of Carlton Communications and Granada two years previous.
He has no longer served at the board of a publicly traded British corporate since 2010, when he stepped down as a non-executive director of Tesco.
The peer has, then again, held a string of alternative giant jobs, retiring remaining month as chairman of Copenhagen-listed ISS, the huge make stronger services and products supplier.
He additionally chairs International, the United Kingdom’s greatest industrial radio team, and has held directorships at 2 Sisters Meals Workforce, the poultry manufacturer, Virgin Media and EMI Tune.
Lord Allen’s present portfolio features a place at Moelis & Corporate, the New York-based funding financial institution.
His marvel comeback will see Lord Allen paintings along Leo Quinn, Balfour Beatty’s very talked-about leader government.
Egon Zehnder Global has been advising Stephen Billingham, Balfour Beatty’s senior impartial director, at the seek for a successor to Mr Aiken.
The corporate has been stabilised by means of the present control workforce following a turbulent duration seven years in the past when it noticed its monetary efficiency nosedive.
It were restored to a place of robust expansion previous to the coronavirus pandemic, and mentioned just lately that it was once repaying £19m in executive finances used to furlough staff.
Balfour Beatty employs 26,000 folks, and works on primary infrastructure tasks all over the world.
Its stocks have risen by means of just about 1 / 4 over the past yr, and now has a marketplace worth of simply over £2bn.
The corporate’s restoration marks a distinction with its dire state in 2014, when – having issued a string of benefit warnings – it was once pressured to rebuff a sequence of takeover provides from rival Carillion.
Lower than 3 years later, Carillion were pressured to name in liquidators after failing to protected an emergency bailout from the federal government or personal shareholders.
Balfour Beatty declined to touch upon Wednesday, whilst Lord Allen may no longer be reached.