BALFOUR Beatty has announced that Phil Harrison will step down from the board later this year after more than a decade as chief financial officer.
He will be succeeded by Myles Westcott, currently group financial controller at BAE Systems. Myles, a chartered accountant, brings more than 30 years of finance leadership experience to the role, including almost 25 years at BAE Systems.
Philip Hoare, Balfour Beatty 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 added, “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 in 2015, Balfour Beatty has strengthened its balance sheet from average net debt of £371 million in 2014 to £1,102 million average net cash in 2025. Between 2021 and 2025, £944 million of capital has been returned to shareholders through dividends and share buybacks.
Phil will remain a director and continue to fulfil his current role until Myles joins, supporting the business through its 2025 full-year results in March 2026. Following Myles’ appointment to the board, Phil will continue in an advisory capacity for four months to ensure a smooth transition.
