What's Happening?
Balfour Beatty, the U.K.'s largest contractor, has announced the appointment of Myles Westcott as its new chief financial officer, effective later this year. Westcott, currently the group financial controller at BAE Systems, will replace Phil Harrison,
who is stepping down after more than a decade in the role. Harrison will remain a director until Westcott joins and will assist with the company's 2025 full-year results announcement. Westcott brings over 30 years of finance leadership experience, including nearly 25 years at BAE Systems, where he managed financial reporting, planning, governance, and risk functions.
Why It's Important?
The appointment of Myles Westcott as CFO is a strategic move for Balfour Beatty, as his extensive experience in finance leadership and international operations is expected to support the company's focus on disciplined profitable growth. This leadership change comes at a time when Balfour Beatty is looking to build on its financial strength and resilience, having moved from average net debt to net cash over the past decade. Westcott's expertise will be crucial in navigating the complex financial landscape and ensuring continued value creation for shareholders.
