Defence and aerospace giant Babcock International Group PLC has named the former head of another defence industry firm as its new chief executive.
David Lockwood will take over from Archie Bethel, who announced his retirement after 16 years with the firm in February 2020 but has been continuing in the role until a replacement was found.
Mr Lockwood will join the company and its board on August 17, 2020, as chief executive designate and will fully take on the role on September 14, at which point Mr Bethel will step down from the board.
Mr Lockwood, aged 58, was previously chief executive of Cobham Plc, running one of the UK's largest defence companies and a leading global technology and services innovator for three years.
Prior to that, he was chief executive of Laird PLC, a FTSE 250 technology company, where he served from 2012 to 2016.
His career also includes senior management roles at BT Global Services, BAE Systems and Thales Corporation.
Mr Lockwood has a degree in mathematics from the University of York and is a chartered accountant. He is a Fellow of the Royal Aeronautical Society and the Royal Society of Arts and Commerce. He received an OBE for services to industry in Scotland in 2011.
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He is expected to start his new role at Babcock, which controls the huge dockyards at Rosyth in Scotland and Devonport in Plymouth, with a “fundamental strategic review”.
At Cobham he was credited for refocussing the business and stabilising finances after a string of profit warnings before his arrival.
He joins Babcock as it sees the coronavirus crisis pitch it into a major loss. But is has also secured, as part of a consortium, a £1.25billion Government contract to build the new Type 31 frigates, and in April announced major plans to rebuild a dry dock and surrounding buildings at Devonport.
Mr Lockwood said: “I am looking forward to joining Babcock, a company I have long respected, which makes such an important contribution to the critical markets it serves.
“This is an exciting opportunity to position Babcock for further success and future growth, and to make full use of technology and innovation to support customers in the UK and internationally."
Ruth Cairnie, chair at Babcock, said: "After an extensive search and selection process, I am delighted to welcome David to the Company.
“He brings wide-ranging knowledge of the defence and aviation markets, as well as a wealth of experience in both technology and innovation. His skills and industry expertise will help ensure the delivery of our operational performance and strategic objectives.”
She thanked Mr Bethel for his “outstanding contribution to Babcock over 16 years” and added: “He enhanced our deep relationship with our customers, reflected in our record order book and pipeline, and made significant progress in internationalising the company and streamlining our portfolio.
“We have been very fortunate to have a leader with such profound knowledge of the business. Archie will retire from the Board with our very best wishes and our sincere appreciation for everything he has achieved."
Mr Bethel said: "It has been an honour and a privilege to serve at Babcock, which makes a unique contribution to national security and to saving lives.
“I would like to thank all our employees worldwide for their hard work and commitment over my time of service, which has been exemplified in their outstanding response to the pandemic."
