At the end of last year, UK developer Balfour Beatty hired turnaround specialist Leo Quinn as its new chief executive after a highly troubled few years for the firm.
Quinn’s uphill task was highlighted in July when the firm issued the latest in a series of profits warnings, saying its 2015 results would be hit by a shortfall of between £120 million (€167 million; $188 million) and £150 million – blamed on legacy issues. Analysts who had predicted a return to profitability were revising their prediction to that of another loss.
But help is on the horizon. An August press release revealed that TableForce, an organisation that specialises in equipping companies and their employees with better commercial skills, had been drafted into Balfour Beatty by Quinn. He said the firm has “helped my teams raise the bar on overall performance” in companies where he has previously worked.
We couldn’t help noticing that golf’s PGA Tour was present on a list of TableForce clients. We wondered therefore whether Balfour Beatty employees would be learning the same commercial guile that enabled star golfer Rory McIlroy to reportedly strike a $250 million, 10-year contract with Nike in 2013.
However, we were forced to conclude, somewhat disappointedly, that the client was in fact the organisation that runs the tour rather than the golfers themselves.