Following an extensive search process and as part of the board’s long-term succession planning, Myles Westcott, currently group financial controller at BAE Systems plc, has been appointed to succeed him. Subject to finalising his departure date from BAE Systems plc, Myles will join the group later this year as chief financial officer.

Myles, a chartered accountant, brings more than 30 years of finance leadership experience, including almost 25 years at BAE Systems plc, a c.£30 billion multinational defence and security corporation. As group financial controller, Myles leads the group’s financial reporting, planning, governance, and risk functions.

Prior to that, he held a number of finance director roles across major business units, overseeing large-scale operations, major international programmes and complex long-term contracts. Throughout his career, Myles has built a strong record in financial stewardship, operational performance, and value creation.

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, said: “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.”

Myles Westcott, incoming chief financial officer, 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.”

Since Phil Harrison joined the company in 2015, Balfour Beatty has strengthened its balance sheet from average net debt of £371 million in 2014 to £1,102m average net cash in 2025. Reflecting this performance, between 2021 and 2025, £944m of capital has been returned to shareholders through dividends and share buybacks.

Phil will remain a director of the company and will continue to fulfil his current role until Myles joins, supporting the business through its 2025 full year results in March 2026. Following Myles’ appointment to the board, Phil will continue in an advisory capacity for four months to ensure a smooth transition.