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Phil Harrison, who joined the firm in 2015 and helped turn its finances around, will leave the role this year.
Published Feb. 25, 2026
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.
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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 s