He will retire at the end of the year after five-year tenure
David Lockwood became chief executive in September 2020(Image: )
The chief executive of Babcock is set to depart after overseeing a sixfold rise in the company’s share price throughout his five-year leadership. David Lockwood, who took the helm of the defence contractor as chief executive in September 2020, will leave the company’s board at year-end, the firm announced on Friday.
Lockwood, who intends to retire following his departure, previously served as chief executive of British aerospace company Cobham, which was acquired in 2020 by US private equity house Advent for £4bn.
Prior to that role, he led London-based electronics business Laird, which was subsequently bought by Advent.
He was awarded an OBE for services to industry in Scotland in 2011.
Lockwood will be succeeded by Harry Holt, the current chief executive of Babcock’s Nuclear sector, the largest division within the organisation, as reported by City AM.
Holt previously worked at Rolls-Royce for more than a decade, spending seven years on their executive team in various senior positions, including president of its nuclear division and, most recently, as chief people officer. He formerly served as an officer in the British army.
“I would like to pay tribute to David’s inspirational leadership that has put Babcock on an excellent footing from which we can continue to grow and am looking forward to working with him through the transition period,” Holt said.
The FTSE 100 firm, whose shares have surged following fresh commitments to boost defence expenditure across Europe, announced today it had experienced a “continuation of the strong performance” previously disclosed in 2025’s fourth quarter, with the “vast majority” of anticipated annual revenue now secured under contract.
The London-headquartered group reported particularly robust appetite within its nuclear division, fuelled by new-build clean energy schemes and submarine maintenance operations, whilst noting it was on track to achieve its full-year margin objective of 8 per cent.
The firm plays a role in France’s “Mentor 2” initiative to upgrade air force pilot training, alongside supporting construction of the US Virginia Class submarine fleet.
Babcock’s stock dropped 2.9 per cent to 1422p on Friday morning, though shares have still climbed 11.7 per cent year-to-date.
The company said: “Babcock’s business momentum and operational performance have continued through the period with consistent delivery of our unique and critical capabilities for our customers around the world,”.
