After a year of welding issues and a long search, the role at Severfield has finally been filled by Paul McNerney, due to start in Autumn
Paul McNerney is set to be the new Severfield CEO, bringing more than 25 years of experience to the leadership.
Paul has previously had a long career at Laing O’Rourke, and is currently director of clients and government.
A long history in the sector
Aside from his career at Laing O’Rourke, Paul has also worked as the managing director at Select Plant Hire, Explore Manufacturing, and Crown House Technologies, overseeing leadership across many large and complex projects.
Paul’s experience makes him well equipped to bring growth and operational excellence to the role, as demonstrated by his leadership role at Laing O’Rourke leading a business worth £1.3bn, working on major projects such as Oxford University Humanities campus, and the new Everton stadium.
Paul McNerney said: “I 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. I look forward to working with the Board, our talented teams, and customers to continue building Severfield’s market leadership and long-term success.”
Charlie Cornish, chair of Severfield plc, added: “We are delighted to welcome Paul to Severfield. His blend of strategic acumen, operational delivery, particularly in construction, and international perspective, along with his proven ability to lead transformation, makes him an ideal choice to lead the Group through its rebuilding process to the next phase of its growth and innovation. The Board is confident that Paul will bring the energy, experience, and clarity of leadership required to deliver long-term value for shareholders.”
The new Severfield CEO comes after a rough year for the firm
In July, Severfield published its yearly financial statement, highlighting a loss of £18m caused by several welding faults in a variety of bridge contracts discovered earlier that year.
Testing and remediation costs for the found faults amounted to £43.4m, offset slightly by £20m in insurance, but being exacerbated by £35.6m in non-underlying costs.
Some of the discovered faults affected HS2 bridges.
Speaking about the financial results at the time, Charlie Cornish, non-executive chairman, said: “While we performed well operationally, delivering a diverse range of projects for clients across many of our key market sectors, tough market conditions in the UK and Europe, combined with the ongoing bridge remedial works programme, contributed to weaker financial results.
“In response to these challenges, we have taken and continue to take appropriate cost reduction and cash conservation measures.
“Despite the current market backdrop, we have secured a strong baseload of work for FY26 and into FY27, and we continue to see some good projects coming to market.”
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