The contractor's share price has improved just 1.5p to 13p since the news that founder Peter Birse is to step down as chairman at the group's annual meeting next month.
Construction head John Elders has also left after the group after 16 years – he has not been replaced.
Chief executive Peter Watson will become executive chairman and finance director, and company secretary Martin Budden has been made group managing director. He will be replaced by Heather Appleford, previously finance director at Birse Construction.
Divisional heads of the building, civil and process businesses will report directly to Budden, instead of a separate construction director.
The executive merry-go-round has not convinced analysts that the group's flagging share price will improve any time soon, and it seems that investors are going to wait and see how the new structure performs before pumping in any more cash.
It's been better news for Balfour Beatty after a strong set of results two weeks ago. The group's share price has rocketed more than 30% to 205p.