After a decade, Balfour Beatty’s CFO to step down

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Weeks earlier than infrastructure large Balfour Beatty was set to disclose its full-year 2025 outcomes, the corporate has introduced its CFO is stepping down.

Phil Harrison, who joined the corporate in 2015, is set to step down later this year, the London-based contractor introduced on Tuesday. He’ll be succeeded by Myles Westcott, who’s presently the group monetary controller at BAE Methods, a British aerospace and safety agency.

Harrison leaves the corporate in a a lot totally different state than he discovered it. In 2014, the corporate reported a loss with a median web debt of 371 million kilos. In 2025, nonetheless, the infrastructure builder reported 1.1 billion kilos of common web money, or about $1.5 billion.

Certainly, the corporate reported a rise in profits throughout its half-year earnings name in August on the again of its push to de-risk its portfolio. 

Whereas the U.Ok. a part of the enterprise featured a robust efficiency, its U.S. arm struggled attributable to value overruns on a Texas freeway challenge. 

Harrison will stay a director of Balfour Beatty and can proceed to fulfil his present function till Westcott joins. He will even help the enterprise via its 2025 full 12 months leads to March 2026. After Westcott’s appointment to the board, Harrison will proceed in an advisory capability for 4 months to make sure a easy transition, per the discharge.

The information comes virtually one 12 months after Balfour Beatty’s former CEO, Leo Quinn, announced his departure and Philip Hoare’s choice as his substitute. Hoare took over as CEO in September.

“I sit up for working alongside Philip Hoare and the Board to help the Firm’s worthwhile progress, making certain sturdy monetary efficiency, and persevering with to create sustainable worth for shareholders,” Westcott stated within the announcement.

As the brand new CFO, Westcott brings greater than 30 years of finance management expertise, together with virtually 25 years at BAE Methods, in keeping with the information launch. As BAE’s group monetary controller, Westcott led monetary reporting, planning, governance and threat capabilities.

Different contractors have additionally introduced strikes of their C-suites and across their businesses to kick off 2026. Hensel Phelps, primarily based in Greeley, Colorado, named former president and COO Brad Jeanneret as its new CEO efficient Jan. 1. 

Minneapolis-based Adolfson and Peterson additionally made a shift: COO Brad Hendrickson will take over as CEO on June 1 as soon as present Chief Govt Jeff Hansen retires.