THE chairman of Balfour Beatty has announced his intention to quit after it issued its third profits warning this year.
Former Railtrack boss Steve Marshall, who has been running Balfour since the departure of chief executive Andrew McNaughton in May, highlighted a further £75mishortfall in its UK construction arm.
The company has hired accountancy KPMG to review the division after taking additional losses and write-downs across a number of contracts.
Mr Marshall described the latest trading statement as "extremely disappointing" and said he planned to step down from the board once a new chief executive has been appointed and his own replacement is identified.
He joined the board in 2005 and has been chairman since 2008. Earlier this summer, he led Balfour's fight against a £3bn merger with rival Carillion.
Mr Marshall said: "There has been inconsistent operational delivery across some parts of the UK construction business and that is unacceptable. Restoring consistency will take time and it has our full focus."
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