David Lockwood, Group Chief Executive of Babcock International Group, will retire by the end of the year, with the Board appointing Harry Holt, currently CEO of the company’s Nuclear sector, as his successor.
Lockwood joined Babcock in September 2020 and has led a major strategic and financial transformation, reshaping the group into a more focused defence engineering business. During his tenure, the company has delivered growth, margin expansion and improved cash generation, alongside stronger operational performance and an improved delivery record for customers.
Following an extensive internal and external search, the Board has selected Holt to take over as Group Chief Executive, citing the importance of continuity as the company continues to execute its long-term strategy.
Holt has been part of Babcock’s senior management team since November 2023 and leads the group’s largest business unit, the Nuclear sector. Under his leadership, the sector has improved performance across critical programmes and grown revenue by around 54% between FY23 and FY25, with margins reaching 9%.
Before joining Babcock, Holt spent seven years on the executive team at Rolls-Royce, including roles as President of its Nuclear Division and Chief People Officer, and previously served as an officer in the British Army.
As part of the succession process, Holt has been appointed to a newly created Deputy CEO role and will join the Board in June, ahead of a planned transition before assuming the chief executive position. Lockwood is expected to step down from the Board following the handover but will continue to support the business.
Dame Ruth Cairnie, Chair of Babcock, said Lockwood had been “an exceptional Chief Executive”, adding that he leaves the business “on a pathway of sustainable profitable growth” and in a strong position for the future.
She said the Board’s succession planning had identified Holt as “the outstanding candidate to lead Babcock through its next chapter”.
Lockwood said it had been a privilege to lead the group through a period marked by the pandemic and heightened geopolitical uncertainty. “I am delighted that the Board has chosen Harry to succeed me,” he said. “His skills, expertise and deep knowledge of the business make him the ideal person to drive Babcock forward.”
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