The billionaire boss of JCB has appointed his youngest son co-chairman, ending a succession saga at the top of the digger manufacturer.
The appointment of George Bamford, Lord Bamford’s third son, to co-chair from deputy chairman, ends a long-running race to take the reins of one of Britain’s most recognisable companies. Jo Bamford, the elder son of Lord Bamford, had previously been seen as the front runner for the job.
The manufacturing tycoon confirmed the move, the first change at the top of the firm in over 50 years, as JCB reported higher global market share in 2025 despite failing to grow demand in North America.
Lord Bamford said he was naming his successor as JCB “invested heavily” in both its Staffordshire headquarters and new Texas plant.
He said: “As part of that next chapter, I’m delighted that my son George will become joint chairman of JCB.
“We have never been a company that stands still, and these investments will ensure JCB is well placed to seize the opportunities ahead.”
George will take up the role at the start of October.
Jo Bamford snubbed
In an interview with the Telegraph in May, Lord Bamford confirmed that he had chosen George as his eventual successor over his elder son.
It is understood that Jo had attempted to persuade his father to give up the reins of the company in what Lord Bamford viewed as an attempted coup.
Lord Bamford said: “In terms of us remaining a family business, that is very important, and we do have plans.
“I’m very lucky and highly privileged to be in charge of this business at the moment. I don’t intend to be forever, I am 80, for heaven’s sake.”
George’s appointment also ends years of speculation and rumours concerning JCB’s boardroom.
Jo joined the company board in 2006, after starting working at the family firm in 2004, with George and eldest child Alice joining three years later. He also owns bus manufacturer Wrightbus.
Jo went on to gain more senior roles including head of major contracts, which appeared to be him being prepped to take over, while George made his own watches under the Bamford brand.
An American business?
The firm confirmed on Monday that pre-tax profit slipped to £642m in the last financial year, down from £687.3m the prior year. Machine sales also slid 5.2 per cent year on year to 113,498.
JCB’s chief executive, Graeme Macdonald, said the group expects moderate growth this year off the back of the opening of its new manufacturing plant in Texas next month.
The San Antonio base cost £750m to build and will employ 1,500 people, making it the largest JCB plant in the world.
Jo previously warned the government’s inheritance tax crackdown on family firms could push his father’s business empire overseas to safeguard jobs.
Speaking in an interview with City AM in April, he said: “The family tax… is a real problem. It could quite easily become an American business.
“I love being in Britain…. But I would say to a political party of any stripe, look, there’s only so much you can ultimately do.”
JCB boasts 20,000 employees worldwide, with 8,000 operating in the UK.
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