New CEO appointed at Sheffield Forgemasters

Sheffield Forgemasters has appointed Gary Nutter as new CEO

Sheffield Forgemasters
31 January 2024

Sheffield Forgemasters has appointed a new CEO to oversee increasing defence output and a substantial recapitalisation programme as former boss, David Bond, plans to step down.


Gary Nutter takes up position in March and brings significant experience of global business leadership, most recently serving as CEO and Director of aerospace engineering group, RLC Aerospace Ltd, following careers at Kongsberg Marine Ltd and Rolls-Royce Plc.

David Bond, who has led the business since 2018, will step down having extended his tenure at the company to oversee its acquisition by the Ministry ofDefence in 2021 and the launch of a vast recapitalisation programme to support manufacture for UK defence.

Sir Tim Fraser, Chair at Sheffield Forgemasters, said: “The appointment of Gary as the new CEO comes at a time of unprecedented change in the company’s history".

“Gary will join a strong and highly experienced Board of Directors to deliver a site-wide recapitalisation programme which was launched in 2021 and is now taking physical shape as we prepare the site for new, large-scale manufacturing facilities, unmatched within the UK."

“We will soon bid a fond farewell to David Bond, who concludes his secondment to the Board from BAE Systems and thank him for his exemplary management of the company’s transition from employee ownership to Government ownership and subsequent investment.”

An entirely new 25,000 sq m machining facility is now being planned at the company’s Brightside Lane site, which will work in tandem with a 13,000 tonne forging press to service an increase in demand for the company’s UK defence production.

Sir Tim added: “Gary Nutter brings an impressive track record of top-level management and understanding of global business operations, which will be vital to delivering the scope of change required at Sheffield Forgemasters and ensuring that the company’s defence and commercial market demands are met.”

Gary is an experienced senior leader, having performed roles as CEO, Chairman and Board Director in both large and medium companies spanning different industries, including automotive, aerospace, and marine.

He has led multiple key businesses, including a US$1bn aerospace services business with 840 people in Singapore, through to a Marine Operations leadership role, leading seven sites across five countries.

Gary has lived and worked in the UK, Italy, Singapore, and Norway and held direct responsibilities for companies in UK, Norway, Sweden, Singapore, Brazil, Poland & Finland.

• The Board of Directors at Sheffield Forgemasters consists of:
• Sir Tim Fraser, Chair (ex Vice Chief of Defence Staff)
• Patrick Butcher, Non-Exec Director (former CFO of Network Rail)
• Andrew McNaughton, Non-Exec Director (former CEO of Balfour Beatty)
• Julie Colgan, Non-Exec Director (Executive Director at UKGI)
• Norman Bone, Non Executive Director (ex-Chair and CEO of Leonardo UK)
• Gary Nutter, Chief Executive Officer
• Gareth Barker, Chief Operating Officer
• Amy Grey, Chief Finance Officer
• Sheffield Forgemasters specialises in the design and manufacture of high-integrity forgings and castings for the world’s most complex engineering challenges
• The company operates a fully integrated end-to-end manufacturing process, including steel-making, forge, foundry, machining and testing, from a single site in Sheffield.
• Some of the largest bespoke engineered steel products in the world are produced with capacity for castings of up to 350 tonnes and forgings of up to 200 tonnes finished weight.
• Global markets include Defence, Civil Nuclear, Offshore, Power Generation, Renewables, Steel Plant, Steel Processing and Ingot & Bar.
• The company was acquired in August 2021 by the Ministry of Defence who intend to invest significantly over ten years to re-capitalise defence-critical plant and equipment on site.