WH Smith brings in ex Balfour Beatty boss to steer restoration after accounting blunder

Embattled retailer WH Smith has hired the former boss of Balfour Beatty to help the group recover from the fallout of its accounting scandal.

The FTSE 250 firm said that Leo Quinn will take on the role of executive chairman from 7 April 2026, replacing current chair Annette Court. 

Quinn stepped down as chief executive of Balfour Beatty – the infrastructure giant which helped build the Channel Tunnel and London Aquatics Centre – last year, after more than a decade in charge.

WH Smith has been grappling with the aftermath of an accounting blunder that wiped millions off its share price. Chief executive Carl Cowling quit following the scandal.

It also faces a new chapter after selling its High Street shops to a private equity group in the pursuit of becoming a ‘one stop travel shop’ retailer.

Leo Quinn was the boss of Balfour Beatty until last year and will now take the helm at WH Smith

 Leo Quinn said: ‘WH Smith is a great business with a remarkable heritage. Working with the leadership team and our colleagues worldwide, I intend to ensure the Company has the right foundations in place to deliver long‑term value for its investors, business partners and employees.’

The FTSE 250 firm last year admitted it had overstated the profits it had made from its US business by £30 million, after discovering the early recognition of supplier income.

WH Smith has suffered a hit to its share price following the scandal

It meant earnings that should have been allocated to later years were being taken as soon as a deal was done.

The shares plunged more than 40 per cent when the blunder came to light and the company was forced to delay its annual results from November to December.

Quinn will be paid an annual salary of £360,000 and will receive a share award as compensation for missing out on a long term one from Balfour Beatty.

He has also bought £2million worth of shares in the group.

WH Smith has said it was seeking to claw back more than £1.5 million in bonuses and stock awards from both Cowling and its former chief financial officer Robert Moorhead, who stepped down in November 2024.

In its annual report, WH Smith said it had overpaid Cowling £516,000 in cash bonuses alongside 60,182 shares worth £384,563 at the firm’s current share price.

Despite the blunder, the group has recommended investors back auditor PwC at its annual meeting on 2 February.