Home / Business and Economy / Babcock CEO Departs After 500% Stock Surge
Babcock CEO Departs After 500% Stock Surge
23 Jan
Summary
- CEO David Lockwood retires after five years with Babcock.
- Share price increased over 500% during Lockwood's tenure.
- Harry Holt appointed as new Babcock chief executive.
- Babcock's nuclear arm shows strong revenue growth.
David Lockwood, the chief executive of Babcock, is set to retire by the end of this year, concluding a five-year period marked by extraordinary growth for the defense firm. His departure follows a remarkable fivefold increase in Babcock's share price since he joined in September 2020. This significant stock performance has been bolstered by increased global defense spending and the company's strong presence in the nuclear sector.
Harry Holt, currently the chief executive of Babcock's Nuclear sector, has been appointed as Lockwood's successor. Holt, who has previous experience at Rolls-Royce and as a British army officer, expressed gratitude for Lockwood's leadership. Babcock's nuclear arm, in particular, has seen robust revenue growth, driven by new clean energy projects and submarine support services, contributing to the company's expectation of meeting its full-year margin target of 8%.
