Previous boss of steelwork contractor departed after dismal year
Severfield has announced the appointment of Paul McNerney as its new chief executive officer.
McNerney, who will take up the role in the autumn, joins the steelwork contractor after more than 25 years at Laing O鈥橰ourke.
A chartered surveyor by profession, he is currently director for clients and government at the contracting giant, and has previously worked as head of UK building, as well as managing director of Crown House Technologies, Explore Manufacturing and Select Plant Hire.
As the head of the UK construction business, he led a 拢1.3bn organisation working across key sectors including stadiums, healthcare, life sciences, data centres and aviation.
He also has experience establishing infrastructure operations in New South Wales Australia, where he led heavy civil and marine projects for Laing O鈥橰ourke and opened up businesses in oil and gas.
Paul McNerney said: 鈥淚 am delighted to be joining Severfield at such a pivotal time in its journey. The company has a proud heritage, strong values, and a clear opportunity to lead with innovation and excellence in the structural steel sector.
鈥淚 look forward to working with the board, our talented teams, and customers to continue building Severfield鈥檚 market leadership and long-term success.鈥�
Severfield sank to a near 拢18m loss last year as it revealed the cost of fixing welding defects on a dozen bridges would top 拢40m.
It said the estimated cost of sorting out the problems will be 拢43.4m although insurance recoveries of 拢20m, due to be received in the first half of the current financial year, have brought the hit down to 拢23.4m. Severfield also said the problems meant it spent 拢1.5m on legal costs.
The firm began a cost-cutting exercise earlier this year which led to around 6% of its staff leaving. Alan Dunsmore, who had served as chief executive since 2018, also departed.
Charlie Cornish, chair of Severfield, said McNerney鈥檚 鈥渂lend of strategic acumen, operational delivery, particularly in construction, and international perspective, along with his proven ability to lead transformation鈥� made him 鈥渁n ideal choice to lead the gconroup through its rebuilding process to the next phase of its growth and innovation鈥�.
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