Weeks before infrastructure giant Balfour Beatty is set to unveil its full-year 2025 results, the company has announced that its longtime chief financial officer will step down.
Phil Harrison, who joined the London-based contractor in 2015, will leave the CFO role later this year. He will be succeeded by Myles Westcott, currently group financial controller at BAE Systems.
Harrison departs under markedly different financial conditions than when he arrived. In 2014, Balfour Beatty reported a loss and average net debt of 371 million pounds. By 2025, the contractor posted average net cash of 1.1 billion pounds — roughly $1.5 billion — reflecting a strengthened balance sheet and improved cash generation.
The company has credited a more disciplined approach to risk and portfolio management for helping lift profitability. During its half-year earnings call in August, Balfour Beatty reported rising profits, supported by efforts to de-risk projects and focus on higher-quality work.
Performance has not been uniform across geographies, however. While the U.K. business delivered solid results, the firm’s U.S. operations faced challenges tied to cost overruns on a Texas highway project.
Harrison will remain a director and continue serving as CFO until Westcott formally joins. He will also support the company through its 2025 full-year results in March 2026. After Westcott’s appointment to the board, Harrison will stay on in an advisory capacity for four months to ensure a smooth leadership transition.
The finance leadership change follows a broader executive shift at Balfour Beatty. Nearly a year ago, former CEO Leo Quinn announced his departure, with Philip Hoare selected as his successor. Hoare officially took over as CEO in September.
Westcott brings more than 30 years of finance leadership experience, including nearly 25 years at BAE Systems. In his role as group financial controller, he oversaw financial reporting, planning, governance and risk management.
“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,” Westcott said in the announcement.
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The leadership transition comes amid continued executive movement across the construction sector in early 2026. Contractors have been reshuffling C-suite roles as they navigate margin pressures, complex infrastructure backlogs and evolving risk environments.
Balfour Beatty’s financial position has improved significantly over the past decade, but investors will be watching closely to see how new leadership sustains cash performance, manages U.S. project risk and balances shareholder returns with strategic investment.
As the company prepares to release its full-year 2025 results, the CFO transition signals both continuity — with Harrison supporting the handover — and a new phase under Hoare and Westcott as the contractor seeks steady, profitable growth in a volatile global construction market.
Originally reported by Matthew Thibault, Reporter in Construction Dive.
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