Mahajan, who has worked at Balfour for 11 years, will be replaced by Gavin Russell who will report to group finance director Phil Harrison.
The move comes as Harrison is transforming the finance function at the group to make it more responsive to the changing needs of the business.
Mahajan joined Balfour Beatty Investments from Ernst & Young in 2005 when he became director of project finance. Since then he has worked in several senior roles, including two years as director of Balfour Beatty Investments.
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