Severfield, the Thirsk, North Yorkshire-based international steel group, announced that chief executive Alan Dunsmore has “by mutual consent” agreed to step down after seven years as CEO and will leave Severfield with effect on June 30, 2025.
The Severfield board has initiated a search process to find his successor.
“Whilst the search is conducted, interim leadership arrangements have been put in place to ensure business continuity,” said Severfield.
“Charlie Cornish (Chair of Severfield) will support and guide the interim executive team led by Rob Evans (Divisional Managing Director of Severfield’s largest division, Commercial & Industrial) and Adam Semple (CFO).”
On March 3, shares of Severfield fell more than 40% after the firm published a negative trading update for the year ending March 29, 2025, and cancelled a share buyback programme. The group reported on March 3 that project opportunities are “continuing to be either cancelled or delayed.”
The company’s shares are down almost 60% for the past year, reducing the company’s stock market value to about £67 million.
Severfield has seven sites, 1,900 employees and expertise in large, complex projects across a broad range of sectors. The group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel, India’s largest steel producer.
Severfield’s high-profile achievements have included its work on Wimbledon No.1 Court, Tottenham Hotspur FC Stadium, First Direct Arena, Outernet London and the Lord’s Cricket Ground Expansion.
Cornish said: “On behalf of the board, I would like to thank Alan for his commitment to Severfield over the past 15 years and for the last seven years of dedicated leadership as CEO.
“Alan has been pivotal in shaping our purpose, strategy and values, driving growth both organically and through acquisitions.
“Moving forward the board and the executive team will build on Severfield’s market leading position in the UK and growing presence in Europe and India, driving strategic progress on manufacturing efficiency and project delivery, positioning the group for further growth and long-term shareholder returns.”
Dunsmore said: “It has been a privilege to spend 15 years of my career at Severfield and to have led the development of the business in the UK, Europe and India.
“Now is an appropriate time to hand over to a new CEO to build on Severfield’s unique strengths and accelerate the growth of the business.”