Balfour Beatty plc, the international infrastructure group, has announced that Phil Harrison will step down from the Board later this year following more than 10 years as chief financial officer.
Since Mr Harrison joined the company in 2015, Balfour Beatty has strengthened its balance sheet from an average net debt of £371m in 2014 to £1.1bn average net cash in 2025.
Myles Westcott (pictured), currently group financial controller at BAE Systems plc, has been appointed to succeed him. Subject to finalising his departure date from BAE, Mr Westcott will join Balfour later this year.
Mr Westcott has more than 30 years of finance leadership experience, including almost 25 years at BAE Systems plc. 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.
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.'
Mr 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.'
