Business
Babcock announces CEO retirement and succession
Babcock International Group PLC announced that Group Chief Executive David Lockwood will retire by the end of the calendar year, with Harry Holt, the current CEO of Babcock's Nuclear sector, appointed as his successor. Holt, who has been instrumental in the Group's transformation and growth, has overseen a 54% revenue increase in the Nuclear sector between FY23 and FY25, achieving 9% margins. Holt will join the Board in June as Deputy CEO before assuming the CEO role, ensuring a seamless transition and continued strategic implementation. David Lockwood will receive his salary, pension, and benefits for 12 months post-announcement, remaining eligible for performance-based bonuses and his share awards will vest according to normal terms. Disclaimer*
About this update from Babcock International Group Plc
[{"type":"text","content":"\n\n23 January 2026\n \nBabcock International Group PLC announces CEO retirement and succession\n \nBabcock International Group PLC (Babcock or the Group), the defence company, today announces the decision of David Lockwood, Group Chief Executive, to retire by the end of this calendar year. The Board has chosen Harry Holt, the current CEO of Babcock's Nuclear sector, as his successor. \n \nDavid joined Babcock as Group Chief Executive in September 2020 and during this tenure has led the business through a highly successful strategic and financial transformation, building a strong, focused and high-performance defence engineering business delivering growth, margin expansion, and cash generation, alongside a comprehensive step-change in operating performance, delivery track-record for customers, and portfolio alignment. David will leave the Group with excellent momentum and an exciting opportunity set for future growth. With a strengthened leadership team, David has driven a transformed Babcock culture, one that is committed to expertise, encouragement, and excellence.\n \nFollowing an extensive internal and external search process, the Board has selected Harry to succeed David as Group Chief Executive. The appointment of a strong internal candidate ensures Babcock's ability to continue implementing the strategy which has been fundamental to the business growth and success. \n \nAs CEO of Babcock's Nuclear sector, the largest sector in Babcock's global business, Harry has been an integral part of David's senior management team since November 2023, successfully helping to deliver the Group's transformation and growth programme. Under his leadership, the sector has improved performance on its many critical programmes and has grown revenue by c54%, between FY23 and FY25, achieving margins reaching 9%, with both the defence and civil businesses within the Nuclear sector growing significantly and well-set for exciting future growth. \n \nPrior to joining Babcock, Harry spent seven years on the Executive Team of Rolls Royce plc in a number of senior roles, including President of its Nuclear Division and latterly as Chief People Officer, leading a group-wide transformation and restructuring. His industrial career has also included a range of senior appointments across multiple organisations in...