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Balfour Beatty鈥檚 chief executive Ian Tyler has stepped down and will be replaced in the job by colleague Andrew McNaughton.

In a statement, the UK鈥檚 largest contractor said that McNaughton (pictured left) - who is currently deputy chief executive and chief operating officer - would take the reins from 31 March.

Tyler, who has led the group for eight years, will remain with the company until the end of April to 鈥渆nsure a smooth transition鈥�, the firm said.

Under Tyler (pictured below left), Balfour Beatty has trebled in size and has diversified globally through acquisitions such as Parsons Brinckerhoff in 2009.

More recently he has overseen the ongoing restructuring over the past year and a profit warning two months ago which saw a sharp drop in shareprice.

Chairman Steve Marshall, said 鈥淭he board is delighted that someone of Andrew鈥檚 calibre has developed from within the business and is now ready to take over the role of chief executive from Ian.

鈥淎ndrew has a deep understanding of our customers and operations, and the relentless drive necessary to successfully deliver the strategy that he has been intimately involved in developing.

鈥淥n behalf of the Board, I want to say a huge thank you to Ian Tyler for his outstanding contribution to Balfour Beatty during his sixteen-year career with the group, including, the last eight years as chief executive.鈥�

Tyler said he is looking forward to 鈥渘ew opportunities outside of Balfour Beatty鈥�.

He said: 鈥淚t has been a great honour to have been Balfour Beatty鈥檚 chief executive, and to have led such a talented group of people. Together, we have created one of the world鈥檚 leading infrastructure businesses. After eight years, I believe, the time is right to hand over to Andrew to lead the business in the next stage of its development.鈥�

McNaughton said: 鈥淚 am looking forward to building on the solid platform that we have created and leading us to the next stage of strategic growth.鈥�

Panmure Gordon Analyst Andy Brown said under Tyler鈥檚 leadership Balfour Beatty had undergone a period of dramatic transformation, evolving from a largely UK-based construction business to a global infrastructure and professional services company.

He said although the move was a surprise, McNaughton鈥檚 appointment was unlikely to herald any major changes to the firm鈥檚 overall strategy. 鈥淢cNaughton has been part of the development of their strategy, so we expect they will carry on with what they鈥檙e doing,鈥� he said.

Howard Seymour, Numis Securities analyst, said Tyler had had a 鈥渇antastic鈥� period in charge and dismissed suggestions his departure was connected to the firm鈥檚 November profit warning.

He said McNaughton鈥檚 appointment was a 鈥渘atural succession鈥�, after he became chief operating officer in 2009 and then deputy chief executive last year. 鈥淭his is something long in the planning - although it has perhaps come a little earlier than expected,鈥� he said.

To read the Balfour Beatty statement in full, click .