Balfour Beatty has appointed Myles Westcott as its new chief financial officer, marking the end of a decade-long tenure for Phil Harrison in the role.
The UK’s largest contractor confirmed that Harrison will step down from the board later this year after more than 10 years as finance chief. Westcott, currently group financial controller at BAE Systems, will join Balfour Beatty “later this year”, subject to agreeing his departure date from BAE Systems.
A chartered accountant with more than 30 years’ experience in senior finance roles, Westcott has spent almost 25 years at BAE Systems. In his current position, he leads financial reporting, planning, governance and risk functions across the global defence and aerospace group. His career has included several finance director appointments within major business units, overseeing large-scale operations and complex, long-term international programmes.
Balfour Beatty group chief executive Philip Hoare said Westcott’s background in operating at scale within complex international organisations would align closely with the contractor’s strategic priorities, particularly its focus on “disciplined profitable growth”.
Hoare also paid tribute to Harrison’s contribution since joining the business in 2015, highlighting the financial transformation achieved during his tenure. “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,” he said.
The scale of that shift is reflected in the company’s balance sheet trajectory. Since 2014, when average net debt stood at £371m, the group has moved to an average net cash position of £1.1bn in 2025. Between 2021 and 2025, Balfour Beatty returned £944m to shareholders through dividends and share buybacks, underlining what it described as strong and consistent cash performance.
Harrison will remain on the board until Westcott formally joins and will support the business through its 2025 full-year results announcement next month. Following Westcott’s appointment to the board, Harrison will continue in an advisory capacity for a further four months to ensure an orderly transition.
