Babcock CEO David Lockwood to Retire; Harry Holt to Succeed After Five-Year Tenure
David Lockwood, CEO of Babcock International PLC, will retire at the end of 2025 after five successful years, with Harry Holt set to succeed him as deputy CEO in June. Under Lockwood's leadership, Babcock experienced significant revenue growth and a sixfold increase in share price, driven by strong performances in the Nuclear, Aviation, and Marine sectors, while also engaging in key defense projects and ongoing share buybacks. The company is on track to meet its full-year margin target of 8%.
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David Lockwood, CEO of Babcock International PLC, will retire at the end of 2025 after five years in the role. Harry Holt, currently leading Babcock's Nuclear division, will become deputy CEO in June and replace Lockwood.
Babcock reported strong organic revenue growth and progress towards its full-year margin target of 8%, driven by robust performances in the Nuclear, Aviation, and Marine sectors, despite weaknesses in Land. The company is involved in several key projects, including the UK Type 31 frigate programme and submarine support contracts.
A £200 million share buyback is ongoing, with £90 million returned to date. Lockwood's tenure saw a sixfold increase in Babcock's share price, attributed to rising defense spending commitments in Europe. The firm has also secured a majority of its forecast revenue for the year.
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