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Babcock International’s chief executive, David Lockwood, has announced his retirement six years after initially taking up the role. Harry Holt, CEO of Babcock’s nuclear sector, has been selected to succeed to the role.
“It has been my privilege to lead Babcock, through a period that has seen the COVID pandemic, international geopolitical unrest and an increased focus on global security. Babcock is a unique company; it has a team of great people, with a range of important skills, alongside some of the most critical specialist infrastructure needed today,” Lockwood said.
“I am proud to leave Babcock well-positioned to deliver on the opportunities ahead in this new era in international defence and security.”
During his six-year tenure, Lockwood led a major reconstruction to support submarine construction and maintenance, initiate change for future growth, expand strategic and financial capacity, and transform internal company culture and practice.
“David has been an exceptional chief executive. Having delivered a strategic and financial transformation and set the business on a pathway of sustainable profitable growth, he leaves Babcock in a very strong position for the future, where the group’s unique capabilities have never been more relevant,” said Babcock’s chair, Dame Ruth Cairnie.
Harry Holt has been an “integral part” of Babcock’s operations and has overseen the success of critical nuclear programs, seeing growth in revenue up by 54 per cent and margin increases of 9 per cent.
He has taken up leadership and executive roles in his previous experience at Rolls-Royce and served as an officer in the British Army.
“I am delighted that the board has chosen Harry to succeed me. Harry has been a key member of my senior management team,” said Lockwood.
“His skills, expertise, and deep knowledge of the business make him the ideal person to drive Babcock forward, and I look forward to supporting this transition.”
Holt said: “I am deeply honoured to have the opportunity to lead Babcock through its next chapter.
“I would like to pay tribute to David’s inspirational leadership that has put Babcock on an excellent footing from which we can continue to grow and am looking forward to working with him through the transition period.”
Lockwood is set to retire “by the end of this calendar year”, according to a press release.
