LONDON, Jan 23 (Reuters) - Britain's Babcock said chief executive David Lockwood would retire by the end of 2026, and named the boss of its nuclear division, former Rolls-Royce executive Harry Holt,
Babcock's CEO David Lockwood to Retire, Nuclear Chief Harry Holt Takes Over
Leadership Transition at Babcock
LONDON, Jan 23 (Reuters) - Britain's Babcock said chief executive David Lockwood would retire by the end of 2026, and named the boss of its nuclear division, former Rolls-Royce executive Harry Holt, as his successor.
David Lockwood's Tenure and Achievements
Lockwood has been responsible for a turnaround at Babcock, which maintains Britain's naval fleet, provides weapons systems and supports nuclear power projects, during his five-year tenure, strengthening operations to drive profit growth.
Harry Holt's Background and Future Plans
Babcock said on Friday that Holt had been chosen after an extensive search, and cited the improved performance of the nuclear unit, which support Britain's submarine fleet as well as decommissioning nuclear facilities.
Babcock's Growth and Market Position
Holt, who before working at bluechip engineering firm Rolls-Royce was an officer in the British Army, already has strong relationships with key customers, said Babcock, which earns a large part of its revenues from Britain's Ministry of Defence.
"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," Lockwood said.
Over the last five years, Babcock's shares have risen nearly 600%, as Lockwood's turnaround coincided with the start of the Ukraine war and an era when governments have lifted defence spending as a result of heightened geopolitical tensions.
The company also said on Friday it was confident of meeting its growth targets for its 2026 financial year, adding that there could be upside to current forecasts depending on the timing of an Indonesian deal.
In November, Britain agreed a 4 billion pound ($5.40 billion) deal with Indonesia, led by Babcock, to jointly develop maritime capability for the Southeast Asian country's navy and fishing fleets.
($1 = 0.7411 pounds)
(Reporting by Sarah Young in London and Yamini Kalia in Bengaluru, Editing by Paul Sandle)
