Published by Global Banking & Finance Review®
Posted on January 23, 2026
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleBabcock's CEO David Lockwood will retire by 2026, with nuclear chief Harry Holt stepping up as his successor. The company has seen significant growth under Lockwood's leadership.
LONDON, Jan 23 (Reuters) - Britain's Babcock said chief executive David Lockwood would retire by the end of 2026, and named the boss of its nuclear division, former Rolls-Royce executive Harry Holt, as his successor.
Lockwood has been responsible for a turnaround at Babcock, which maintains Britain's naval fleet, provides weapons systems and supports nuclear power projects, during his five-year tenure, strengthening operations to drive profit growth.
Babcock said on Friday that Holt had been chosen after an extensive search, and cited the improved performance of the nuclear unit, which support Britain's submarine fleet as well as decommissioning nuclear facilities.
Holt, who before working at bluechip engineering firm Rolls-Royce was an officer in the British Army, already has strong relationships with key customers, said Babcock, which earns a large part of its revenues from Britain's Ministry of Defence.
"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," Lockwood said.
Over the last five years, Babcock's shares have risen nearly 600%, as Lockwood's turnaround coincided with the start of the Ukraine war and an era when governments have lifted defence spending as a result of heightened geopolitical tensions.
The company also said on Friday it was confident of meeting its growth targets for its 2026 financial year, adding that there could be upside to current forecasts depending on the timing of an Indonesian deal.
In November, Britain agreed a 4 billion pound ($5.40 billion) deal with Indonesia, led by Babcock, to jointly develop maritime capability for the Southeast Asian country's navy and fishing fleets.
($1 = 0.7411 pounds)
(Reporting by Sarah Young in London and Yamini Kalia in Bengaluru, Editing by Paul Sandle)
A leadership transition refers to the process of changing leadership within an organization, typically involving the transfer of responsibilities from one leader to another, often to ensure continuity and stability.
Profit growth refers to the increase in a company's earnings over a specific period, indicating improved financial performance and efficiency in operations.
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