updated 1/7/2013 2:49:47 PM ET 2013-01-07T19:49:47

LONDON (Reuters) - British infrastructure group Balfour Beatty said its chief executive Ian Tyler was stepping down and that he would be replaced by his deputy, Andrew McNaughton.

The company said in a statement on Monday that McNaughton would succeed Tyler on March 31. Tyler, who has run Balfour since 2005, will remain with the company until April 30 to ensure a smooth transition.

"We have a strong company and are in a good position to meet the short term market challenges and take advantage of the longer term opportunities," McNaughton said in the statement which did not give a reason for Tyler's departure.

(Reporting by Brenda Goh)

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