Babcock International (LSE:BAB) plunged after the UK MoD axed the Type 83 destroyer in favor of six smaller Common Combat Vessels, sending the stock down about 26% YTD; the company also announced Harry Holt will replace David Lockwood as CEO on July 31, 2026 amid the turbulence.
Previous Week Recap
- Babcock Shares Slid On MoD Change: Babcock International (BAB) shares slid up to 7% after UK MoD scrapped Type 83 destroyer and will buy six smaller Common Combat Vessels. Stock is down ~26% year-to-date.
- Babcock Names Harry Holt CEO: Babcock (BAB) names Harry Holt CEO effective July 31, 2026. Current CEO David Lockwood steps down that day and will depart entirely at end of January 2027.
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