{"id":34429,"date":"2026-02-25T13:26:14","date_gmt":"2026-02-25T21:26:14","guid":{"rendered":"https:\/\/essential.construction\/news\/after-a-decade-balfour-beattys-cfo-to-step-down\/"},"modified":"2026-02-25T13:26:14","modified_gmt":"2026-02-25T21:26:14","slug":"after-a-decade-balfour-beattys-cfo-to-step-down","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/after-a-decade-balfour-beattys-cfo-to-step-down\/","title":{"rendered":"After a decade, Balfour Beatty\u2019s CFO to step down"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"text-to-speech\">\n    <button class=\"text-to-speech__button button\"><br \/>\n        <img decoding=\"async\" class=\"text-to-speech__button__icon\" src=\"https:\/\/www.constructiondive.com\/static\/img\/play.svg?500116090725\" alt=\"-\"><br \/>\n        Listen to the article<br \/>\n        <span class=\"text-to-speech__button__audio-length\">3 min<\/span><br \/>\n    <\/button><\/p>\n<div class=\"text-to-speech__controls\">\n        <audio controls=\"\" class=\"js-text-to-speech\" preload=\"none\"><source src=\"https:\/\/text-to-speech.divecdn.com\/newspost\/813141\/2026-02-25_15.57.13\/balfour-beatty-cfo-step-down.wav\" type=\"audio\/mp3\"><\/source><\/audio><\/p>\n<div class=\"text-to-speech__controls__text\">\n            This audio is auto-generated. Please let us know if you have <a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/contact\/\" target=\"_blank\">feedback<\/a>.\n        <\/div>\n<\/p><\/div>\n<\/div>\n<p><span><span><span><span><span><span>Weeks before infrastructure giant Balfour Beatty was set to reveal its full-year 2025 results, the company has announced its CFO is stepping down.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Phil Harrison, who joined the company in 2015, is <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.balfourbeatty.com\/media-centre\/latest\/group-chief-financial-officer-succession\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>set to step down later this year<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span>, the London-based contractor announced on Tuesday. He\u2019ll be succeeded by Myles Westcott, who is currently the group financial controller at BAE Systems, a British aerospace and security firm.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Harrison leaves the company in a much different state than he found it. In 2014, the company <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.bbc.com\/news\/business-32046614\" target=\"_blank\"><span><span><span><span><span><span><span><span>reported a loss<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> with an average net debt of 371 million pounds. In 2025, however, the infrastructure builder reported 1.1 billion pounds of average net cash, or about $1.5 billion.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Indeed, the company <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/balfour-beatty-earnings-us-challenges\/757678\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>reported a rise in profits<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> during its half-year earnings call in August on the back of its push to de-risk its portfolio.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>While the U.K. part of the business featured a strong performance, its U.S. arm struggled due to cost overruns on a Texas highway project.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Harrison will remain a director of Balfour Beatty and will continue to fulfil his current role until Westcott joins. He will also support the business through its 2025 full year results in March 2026. After Westcott\u2019s appointment to the board, Harrison will continue in an advisory capacity for four months to ensure a smooth transition, per the release.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>The news comes almost one year after Balfour Beatty\u2019s former CEO, Leo Quinn, <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/balfour-beatty-new-ceo-philip-hoare\/759945\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>announced his departure<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> and Philip Hoare\u2019s selection as his replacement. Hoare took over as CEO in September.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<figure class=\"image-right inside_story\">\n<div class=\"figure_content\">\n<div><img decoding=\"async\" alt=\"A headshot of Myles Westcott\" data-imagemodel=\"193961\" src=\"https:\/\/imgproxy.divecdn.com\/Q1_O1rzVuu5s1nzGhT26BIY7yEnO_EmzZfw02tctH7s\/g:nowe:544:48\/c:1741:2176\/rs:fit:0:860\/Z3M6Ly9kaXZlc2l0ZS1zdG9yYWdlL2RpdmVpbWFnZS9teWxlcy13ZXNjb3R0X0ZJTkFMLmpwZw==.webp\"\/><\/div>\n<\/div><figcaption class=\"inside_story_caption\">\n<p>Myles Westcott<\/p>\n<p>Courtesy of Balfour Beatty<\/p>\n<p>\u00a0<\/p>\n<\/figcaption><\/figure>\n<p><span><span><span><span><span><span>\u201cI look forward to working alongside Philip Hoare and the Board to support the Company\u2019s profitable growth, ensuring strong financial performance, and continuing to create sustainable value for shareholders,\u201d Westcott said in the announcement.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>As the new CFO, Westcott brings more than 30 years of finance leadership experience, including almost 25 years at BAE Systems, according to the news release. As BAE\u2019s group financial controller, Westcott led financial reporting, planning, governance and risk functions.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Other contractors have also announced moves in their <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/executive-moves-q1-2026-construction\/812929\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>C-suites and across their businesses<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> to kick off 2026. Hensel Phelps, based in Greeley, Colorado, named former president and COO <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/hensel-phelps-new-ceo-brad-jeanneret\/809074\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>Brad Jeanneret as its new CEO<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> effective Jan. 1.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><span><span><span><span>Minneapolis-based Adolfson and Peterson also made a shift: COO Brad Hendrickson will <\/span><\/span><\/span><\/span><\/span><\/span><a rel=\"nofollow noopener\" href=\"https:\/\/www.constructiondive.com\/news\/adolfson-peterson-new-ceo-brad-hendrickson\/812185\/\" target=\"_blank\"><span><span><span><span><span><span><span><span>take over as CEO on June 1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span><span><span><span><span><span> once current Chief Executive Jeff Hansen retires.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.constructiondive.com\/news\/balfour-beatty-cfo-step-down\/813141\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Listen to the article 3 min This audio is auto-generated. 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Weeks &#8230; <a title=\"After a decade, Balfour Beatty\u2019s CFO to step down\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/after-a-decade-balfour-beattys-cfo-to-step-down\/\" aria-label=\"Read more about After a decade, Balfour Beatty\u2019s CFO to step down\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[457],"tags":[],"class_list":["post-34429","post","type-post","status-publish","format-standard","hentry","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/34429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=34429"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/34429\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=34429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=34429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=34429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}