Gregg will continue to hold his functions as CFO and director in parallel with his new responsibilities.

According to Tyrwhitt, Greg’s new main focus as deputy CEO will be to enhance the pace of Leighton Holdings’ transformation, as part of its “stabilise, rebase and grow” strategy.

“Peter plays an integral role as chief financial officer in our business transformation program,” Tyrwhitt said.

“In appointing Peter as deputy chief executive officer I aim to ensure that the pace of progress accelerates as we rebase the business for sustainable growth in 2014 and beyond.

“Peter will be empowered to focus on rebasing the operations of the Australian-based contracting subsidiaries and will drive the creation of Centres of Excellence for our business.

“These Centres of Excellence will house our specialist competencies, creating scalable and replicable best-in-class processes, and driving improved effectiveness and efficiency.

“This restructure creates an appropriate focus on reshaping the Australian business and on driving the growth of our offshore markets through our Leighton Asia, India and Offshore business in markets where we are valued and can extract value.”

The managing directors of Leighton Holdings’ Australian-based contracting operating companies, Bruce Munro of Thiess, Craig Laslett of Leighton Contractors and Glenn Palin of

John Holland, will report to Gregg.

Gregg will report directly to Tyrwhitt.

Leighton Holdings’ chairman Bob Humphris said the appointment demonstrated the alignment of Gregg and Tyrwhitt.

“I am delighted with this appointment which reflects both the strength of Peter’s partnership with Hamish and the high regard in which that partnership is held by the board,” Humphris said.

Gregg said that there were outstanding opportunities available to the Leighton Group as the company pursued its “stabilise, rebase and grow” strategy.

“Having largely completed the stabilisation phase of our strategy, we now turn our focus to business transformation, seeking to improve net margins, enhance the management of capital and further strengthen the balance sheet,” Gregg said.