Balfour Beatty CFO Phil Harrison to Step Down After a Decade; Myles Westcott Appointed Successor

Balfour Beatty has announced that Chief Financial Officer Phil Harrison will step down from the Board later this year, bringing to a close more than 10 years in the role.

Following what the company described as an extensive search process and part of its long-term succession planning, Myles Westcott, currently Group Financial Controller at BAE Systems, has been appointed as his successor. Subject to finalising his departure from BAE Systems, Westcott will join Balfour Beatty later this year as Chief Financial Officer.

Successor from BAE Systems

Westcott is a chartered accountant with more than 30 years’ experience in finance leadership, including almost 25 years at BAE Systems, the £30bn defence and security group. As Group Financial Controller, he leads financial reporting, planning, governance and risk functions.

He has previously held multiple Finance Director roles across major business units, overseeing large-scale operations, international programmes and complex long-term contracts.

Balfour Beatty said his experience operating at scale within complex, multinational organisations would support the Group’s continued focus on disciplined, profitable growth.

Philip Hoare, Balfour Beatty Group Chief Executive, said:

“I look forward to welcoming Myles to Balfour Beatty. He brings deep financial expertise and a strong track record of operating at scale within complex, international organisations, which will be critical as we continue to drive disciplined profitable growth.

“I would like to thank Phil for the significant contribution he has made over more than a decade. His leadership has been instrumental in building Balfour Beatty’s financial strength and resilience, creating substantial value for shareholders, and positioning the Group so well for the future.”

Charles Allen, Lord Allen of Kensington, CBE, Balfour Beatty Group Chair, added:

“Myles’ proven financial and commercial leadership will be a strong addition to the Executive team, and I look forward to welcoming him to the Board. On behalf of the Board, I would like to thank Phil for his exceptional leadership and significant contribution over the past 10 years. During this time, he has been instrumental in driving financial discipline and rigour and in the broad cultural and operational transformation that has underpinned the Group’s success and profitable growth.”

Financial Turnaround and Shareholder Returns

Harrison joined Balfour Beatty in 2015 during a period of financial restructuring. Since then, the company has significantly strengthened its balance sheet.

Average net debt of £371m in 2014 has shifted to average net cash of £1,102m in 2025. Between 2021 and 2025, the Group returned £944m to shareholders through dividends and share buybacks, reflecting sustained cash generation.

Harrison will remain in post until Westcott joins and will support the business through its 2025 full-year results in March 2026. After Westcott formally takes up the role and joins the Board, Harrison will continue in an advisory capacity for four months to ensure an orderly transition.

Incoming CFO Statement

Myles Westcott said:

“I am delighted to be joining Balfour Beatty at such an important time for the Group. I look forward to working alongside Philip Hoare and the Board to support the Company’s profitable growth, ensuring strong financial performance, and continuing to create sustainable value for shareholders.”

Under UK Listing Rules disclosure requirements, Balfour Beatty confirmed that Westcott previously served as a non-Executive Director of Air Astana Joint Stock Company, representing BAE Systems’ shareholding, a role he stepped down from in May 2024.

The company stated that the announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation.