Mr Craig said the change was of a deliberate and planned transition for the company as it seeks to expand and diversify.
Forge announced earlier this year that David Simpson would take over the helm as chief executive and managing director from July 9.
He also paid tribute to Mr Hutchinson for his service to the company over the past five years.
“Peter has been a driving force for Forge and has worked tirelessly to grow the company into its current strong financial and order book position,” Mr Craig said.
“We wish Peter all the best in his future endeavours.”
Mr Hutchinson will remain as managing director Mrr David Simpson commences in the role.
“The board recognised early last year the need to reweight from one of non-independent founding executive directors to a majority of independent directors,” Mr Hutchison said.
“The appointment today of David Craig as an independent non-executive chairman reflects the culmination of that process.”