Babcock CEO to step down

Babcock chief executive Archie Bethel said he had decided to retire after 16 years with the company.

The engineering firm said Bethel would remain in post until a successor was found.

"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,” Bethel said in a statement.

Babcock added that United Utilities chief financial officer Russ Houlden had been appointed as a non-executive director April 1, 2020.

Houlden, who will leave United in July, will become the chair of the audit and risk committee following Babcock's annual meeting in July 2020, when Ian Duncan steps down from the board.