Myles Westcott to replace Phil Harrison later this year to head up international infrastructure group’s finance function.
Balfour Beatty has announced that Phil Harrison will step down from the board later this year following more than ten years as chief financial officer. Following an extensive search process, Myles Westcott, currently group financial controller at BAE Systems plc, has been appointed to succeed him. Subject to finalising his departure date from BAE Systems plc, Westcott will join the group later this year as chief financial officer.
Westcott, a chartered accountant, brings more than 30 years of finance leadership experience, including almost 25 years at BAE Systems plc, a £30bn multinational defence and security corporation. As group financial controller, he leads the group’s financial reporting, planning, governance and risk functions.
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. Throughout his career, Westcott has built a strong record in financial stewardship, operational performance and value creation.
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.”
Myles Westcott, incoming chief financial officer, 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.”
Since Phil Harrison joined the company in 2015, Balfour Beatty has strengthened its balance sheet from average net debt of £371m in 2014 to £1.1m average net cash in 2025. Reflecting this strong cash performance, between 2021 and 2025, £944m of capital has been returned to shareholders through dividends and share buybacks.
Harrison will remain a director of the company and will continue to fulfil his current role until Westcott joins, supporting the business through its 2025 full year results later this month. Following Westcott’s appointment to the board, Harrison will continue in an advisory capacity for four months to ensure a smooth transition.
