Babcock International Group announced on 23 January 2026 that its group chief executive, David Lockwood, has decided to retire by the end of the calendar year.
The Babcock board has consequently chosen Harry Holt, who is the current CEO of Babcock’s nuclear business, as his successor.
Lockwood joined Babcock as group chief executive in September 2020 and has led the business through a highly successful strategic and financial transformation.
Holt, meanwhile, has been an integral part of Lockwood’s senior management team since November 2023. Under his leadership Babcock’s nuclear business – the largest sector in Babcock’s global business – has grown revenue by around 54%, between FY23 and FY25, achieving margins reaching 9%, with both the defence and civil businesses within the nuclear sector growing significantly and “well set for exciting future growth”, according to Babcock.
Prior to joining Babcock, Holt spent seven years on the executive team of Rolls-Royce in a number of senior roles. His industrial career has also included a range of senior appointments across multiple organisations in the aerospace, defence, security and nuclear sectors. Before joining Rolls-Royce, Holt previously served as an officer in the British Army.
Holt will initially assume the newly created role of deputy CEO and will join the Babcock board in June. Following this a transition phase will be completed before Holt succeeds Lockwood as group chief executive and Lockwood steps down from the board.
Babcock Chairperson Dame Ruth Cairnie was quoted in a company press as stating of Lockwood, “David has been an exceptional chief executive. Having delivered a strategic and financial transformation and set the business on a pathway of sustainable profitable growth, he leaves Babcock in a very strong position for the future, where the group’s unique capabilities have never been more relevant.
“On behalf of the Board, I would like to thank David for his excellent leadership that has transformed Babcock into a leading global defence business, creating significant shareholder value, as well as returning Babcock to the FTSE100.”
Lockwood himself was quoted as stating, “It has been my privilege to lead Babcock, through a period that has seen the Covid pandemic, international geopolitical unrest and an increased focus on global security. Babcock is a unique company, it has a team of great people, with a range of important skills, alongside some of the most critical specialist infrastructure needed today. I am proud to leave Babcock well positioned to deliver on the opportunities ahead in this new era in international defence and security.”
