In a significant leadership transition, defence giant Babcock International has named Harry Holt, the current head of its nuclear division, as the company’s next chief executive. This announcement comes as the current CEO, David Lockwood, plans to step down by the end of 2026.
Lockwood, who has been at the helm of Babcock for over five years, has steered the company through a major turnaround effort aimed at streamlining its operations. During his tenure, the firm has sold off a number of its assets in a bid to generate cash and cut jobs across the business.
Holt, who previously held executive roles at Rolls-Royce and served as an officer in the British Army, will first take on the position of deputy chief executive, working alongside Lockwood before assuming the top job. Under Holt’s leadership, Babcock’s nuclear sector has seen its revenues grow by around 54% over the past two financial years, with both the defence and civil businesses within the division experiencing significant expansion.
Babcock has highlighted the nuclear industry as a burgeoning sector with strong demand for government spending around the world. In a statement, Holt expressed his honour at the opportunity to lead the company through its “next chapter”, adding that in these “uncertain times, our collective purpose to create a safe and secure world has never been more important.”
The company has also reported continued revenue growth in recent months, particularly within its nuclear business, which has been driven by new-build clean energy projects and submarine support work. Babcock is involved in various global projects, including a £4 billion maritime programme in Indonesia aimed at strengthening the region’s navy and fishing fleets, as well as boosting food security.
Additionally, the firm supports the US Virginia Class nuclear submarine programme in Rosyth, Scotland, further underscoring its diverse portfolio and expertise in the defence and nuclear sectors.
