Weeks before infrastructure giant Balfour Beatty was set to reveal its full-year 2025 results, the company has announced its CFO is stepping down.
Phil Harrison, who joined the company in 2015, is set to step down later this year, the London-based contractor announced on Tuesday. He’ll be succeeded by Myles Westcott, who is currently the group financial controller at BAE Systems, a British aerospace and security firm.
Harrison leaves the company in a much different state than he found it. In 2014, the company reported a loss 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.
Indeed, the company reported a rise in profits during its half-year earnings call in August on the back of its push to de-risk its portfolio.
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.
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’s appointment to the board, Harrison will continue in an advisory capacity for four months to ensure a smooth transition, per the release.
The news comes almost one year after Balfour Beatty’s former CEO, Leo Quinn, announced his departure and Philip Hoare’s selection as his replacement. Hoare took over as CEO in September.
Myles Westcott
Courtesy of Balfour Beatty
“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.
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’s group financial controller, Westcott led financial reporting, planning, governance and risk functions.
Other contractors have also announced moves in their C-suites and across their businesses to kick off 2026. Hensel Phelps, based in Greeley, Colorado, named former president and COO Brad Jeanneret as its new CEO effective Jan. 1.
Minneapolis-based Adolfson and Peterson also made a shift: COO Brad Hendrickson will take over as CEO on June 1 once current Chief Executive Jeff Hansen retires.
