After a decade, Balfour Beatty’s CFO to step down | Construction Dive
Summary
Balfour Beatty's CFO Phil Harrison will step down after a decade, having significantly improved the company's financial health. Myles Westcott will succeed him.
Why It Matters
This leadership change at Balfour Beatty is significant as it reflects the company's evolving strategy and financial turnaround. Harrison's departure comes at a crucial time, just before the release of the company's full-year results, highlighting the importance of stable leadership in maintaining investor confidence and navigating ongoing challenges in the U.S. market.
Key Takeaways
- Phil Harrison improved Balfour Beatty's finances since 2015, transitioning from a loss to significant net cash.
- Myles Westcott, the new CFO, brings extensive experience from BAE Systems.
- The leadership change occurs just before the company's full-year financial results are announced.
- Balfour Beatty's U.S. operations faced challenges, particularly with cost overruns on a Texas project.
- Harrison will assist in the transition to ensure continuity during this leadership change.
An article from After a decade, Balfour Beatty’s CFO to step down Phil Harrison, who joined the firm in 2015 and helped turn its finances around, will leave the role this year. Published Feb. 25, 2026 Matthew Thibault Reporter Share Copy link Email LinkedIn X/Twitter Facebook Print License Add us on Google A rendering of Portals IV, also known as 1301, an apartment building in Southwest Washington, District of Columbia. Balfour Beatty is building the structure. Courtesy of Republic Properties Corp. Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. 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 p...
