Babcock boss resigns after shares rise six-fold

Babcock’s boss will step down after helping the company’s share price rise six-fold during his five-year tenure.

David Lockwood, who joined the defense giant as CEO in September 2020, will step down from the company’s board at the end of the year, the company announced Friday.

Lockwood, who plans to retire after his resignation, was previously chairman of British aerospace company Cobhamthat was acquired in 2020 by US private equity firm Advent for £4 billion. He was previously head of the London-based electronics company Laird, which was later also acquired by Advent. He received an OBE in 2011 for services to industry in Scotland.

Lockwood will be replaced by Harry Holt, the current managing director of Babcock’s nuclear sector, the largest segment of the business.

Holt previously worked at Rolls-Royce for over a decade, seven of which were on the Rolls-Royce executive team in various leadership positions, including President of the Nuclear Division and most recently as Chief People Officer. He was previously an officer in the British Army.

“I would like to recognize David’s inspiring leadership, which has provided Babcock with an excellent foundation on which we can continue to grow, and look forward to working with him during the transition period,” said Holt.

Babcock sees strong demand

The FTSE 100 index, whose shares soared on renewed pledges to increase defense spending by European countries, today said it had seen a “continuation of the strong performance” it previously reported in the final quarter of 2025, with the “vast majority” of forecast revenue for the year now down.

The London-based company said it was seeing particularly strong demand in its nuclear segment, driven by new build projects in clean energy and submarine support activities, adding that it was likely to hit its full-year margin target of 8 percent.

The company participates in the French “Mentor 2” program to modernize Air Force pilot training and supports the construction of the US Virginia Class submarine.

Shares in Babcock fell 2.9 per cent to 1,422p on Friday morning. The stock has risen 11.7 percent since the beginning of the year.

“Babcock’s business momentum and operating performance continued during the period, and we were able to consistently deliver our unique and important capabilities to our customers around the world,” the company said.