George Bamford, the grandson of JCB's founder, has been named co-chairman of the company, sharing the role with his father, Anthony Bamford, who has chaired the construction and agricultural equipment manufacturer since 1975. This appointment, effective October 1, represents the first major leadership transition in over five decades for the privately owned UK company. George Bamford, 45, had served as deputy chair since the beginning of the year and is also known as the founder of Bamford Watch Department, a company that customizes luxury timepieces.
The leadership change comes as JCB navigates a more challenging economic landscape. The company reported a decline in pre-tax profits, which fell by 6.5% to $642 million in 2025 from $687.3 million the previous year. Turnover also dipped 2% to $5.7 billion in 2025, down from $5.8 billion in 2024, with machine sales dropping by 5.2% to 113,498 units. This financial performance is attributed to mixed market conditions globally, including flat demand in North America and a 12% contraction in the Indian market, although JCB did increase its overall market share.
Despite the headwinds, JCB is making significant investments in its future, including a $100 million upgrade to its Staffordshire headquarters and the opening of its largest factory in San Antonio, Texas, next month. This new facility will produce Loadall telescopic handlers and access equipment. The company, which employs around 19,000 people across 23 factories on four continents, expects moderate growth in 2026 despite ongoing geopolitical uncertainties. Graeme Macdonald, JCB's chief executive, acknowledged 2025 as a challenging year but emphasized the company's robust overall performance.
Anthony Bamford, who turned 80 this year and retired from the House of Lords in 2024, expressed his delight in George's appointment as part of the company's next chapter, which includes significant investments in hydrogen technology. The succession ends years of speculation within the business community, where some had anticipated his elder brother, Jo, might be considered for the role. The joint chairmanship suggests a phased transition, allowing George to gain further experience under his father's continued guidance.
