Defence giant Babcock International has picked its head of nuclear to run the business after announcing the retirement of boss David Lockwood.
The London-based company, which is a major contractor for the Ministry of Defence, said Mr Lockwood would be stepping down as its chief executive by the end of 2026.
Harry Holt, current chief executive of the business’s nuclear division, has been appointed as his replacement.
Mr Lockwood’s decision to retire ends a more than five-year tenure at the helm of the business, having steered a turnaround that aimed to streamline its operations.
During his tenure, Babcock sold a raft of its assets in a bid to generate cash, and cut jobs across the business.
Mr Holt, who was formerly an executive at Rolls-Royce and an officer in the British Army, will become deputy chief executive and work alongside Mr Lockwood before stepping into the top job.
During his leadership, Babcock’s nuclear sector has grown its revenues by about 54% over the past two financial years, with both the defence and civil businesses within the division growing significantly, according to the firm.
Babcock has said nuclear is a burgeoning sector with strong demand for spending from governments around the world.
Mr Holt said he was “deeply honoured to have the opportunity to lead Babcock through its next chapter”, adding: “In these uncertain times, our collective purpose to create a safe and secure world has never been more important.”
Babcock also revealed its revenues had continued to grow in recent months, particularly within its nuclear business which was being driven by new-build clean energy projects and submarine support work.
The company is involved in various global projects, including the development of a £4 billion maritime programme in Indonesia which aims to strengthen the region’s navy and fishing fleets and boost food security.
It also supports the US Virginia Class nuclear submarine programme in Rosyth, Scotland.
