JCB appoints George Bamford as joint chairman amid profit decline
JCB announced that George Bamford will become joint chairman while reporting lower profits and a drop in machine sales for the year.
Lord Bamford confirmed that his son George Bamford, also founder of Bamford Watch Department, will assume the role of joint chairman of JCB from October. The announcement coincided with the company's financial results, which showed turnover slipping to £5.7 billion and pre-tax profit decreasing to £642 million after a year of reduced machine sales. JCB plans to boost investment in both the UK and the US, including a £100 million transformation of its Staffordshire headquarters and a new factory in Texas that will create 1,500 jobs.
The Texas site is intended to avoid tariff costs on UK-made products sold in the United States. Despite challenging market conditions, the firm reported a gain in global market share and expects moderate growth in 2026.
Why it matters
The leadership change and investment plan signal JCB's strategy to recover from a profit dip and strengthen its global position.
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