Babcock chief steps down after four years in top job
Babcock, the UK-based defence infrastructure company, today announced that its chief executive Archie Bethel will retire after four years in the top job.
Bethel joined the FTSE 250 firm in 2004 and held a variety of posts, such as head of its maritime and technology division, before becoming the group’s chief in 2016.
While at Babcock Marine, Bethel oversaw the building of the UK’s two new Queen Elizabeth class aircraft carriers, the largest warships ever constructed for the Royal Navy.
He will remain in post while a successor is found, with renumeration options to be announced at a later date.
Group chair Ruth Cairnie said: “On behalf of the Board, I want to thank Archie for his service to Babcock, during which time he was instrumental in growing Babcock from a small cap to a leading defence business.
“Archie has been a proven and respected leader, whose knowledge and understanding of the sector is second to none.”
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Bethel said: “Having served at Babcock for 16 years, I feel that this is the right time to retire. In the meantime, I am focused on positioning the Company for further success in the future.
“It has been an honour and privilege to serve at Babcock and I am proud of what the Company has achieved.”
In Bethel’s last results in November, Babcock posted an increase in pre-tax profit for the first half in line with expectations, as a strong performance from its marine business offset weakness in its aviation division.
Babcock was boosted by winning a £1.25bn contract with the Ministry of Defence build five new frigate. Work on the ships, at Rosyth in Scotland, is due to begin later this year.
Overall, the company secured around £3.5bn worth of contracts in the first half, and said its combined order book and pipeline grew 10 per cent between March and September, hitting a record £34bn.
Shares in Babcock fell 0.5 per cent in early trading.