CEO succession

RNS Number : 0588P

IMI PLC

27 September 2013

 



IMI announces retirement of Martin Lamb and appointment of Mark Selway as Chief Executive

IMI plc announces that Martin Lamb will step down as Chief Executive at the end of 2013 and retire from the Board at the 2014 AGM.  Mark Selway will succeed him on 1 January 2014.

Mark Selway was previously Chief Executive at Boral Limited and prior to that Chief Executive of The Weir Group plc between 2001 and 2009.  He will join IMI and the IMI Board on 1 October 2013 as Chief Executive designate and will work alongside Martin until the end of 2013 to ensure a smooth transition of the CEO role. 

This appointment follows a comprehensive search process led by the Chairman on behalf of the Board.

Roberto Quarta, Chairman, said:

"Martin has made an enormous contribution to IMI, in a career spanning 33 years, 17 years on the Board, of which nearly 13 have been served as Chief Executive. During his period of leadership the Company has been transformed from a lowly rated industrial conglomerate into a truly global engineering business, with highly differentiated products, commanding leading positions in a number of attractive end markets. Over the period, operating margins have more than doubled, earnings have more than trebled, and market capitalisation increased by nearly six fold, with IMI entering the FTSE100 for the first time in its history in 2010. IMI is now widely recognised as one of the UK's leading engineering companies with first class market positions, a healthy balance sheet, and excellent prospects for long term growth. Martin has built a proud legacy and the Board is extremely grateful for his dedicated and exceptional service.

"Mark, who is a very experienced chief executive with a proven track record, is well placed to build on this legacy. He has significant UK and international engineering experience, including eight successful years as Chief Executive of The Weir Group.  During his time at Weir he led the transformation of the business into an international engineering company with leadership positions in high growth attractive end markets. He brings exceptional leadership skills, extensive experience of global markets and a deep knowledge of many of the sectors in which IMI operates. These skills and experience, together, naturally, with a fresh perspective, will help drive IMI forward."

Martin Lamb, Chief Executive, said:

"IMI has undergone a considerable transformation over the last decade. It is truly in excellent shape and well positioned for future growth. I have been enormously privileged to lead a business with great technologies and exceptional people. After nearly 13 years as Chief Executive, and a lifetime of work at IMI,  now is the right time for me to move on and  to hand over the reins to a new Chief Executive. Mark established an excellent track record at Weir and I shall be working closely with him to ensure that the transition is seamless. I wish him and everyone at IMI the greatest of continuing success."

Mark Selway said:

"I am delighted to take up this opportunity. IMI is an outstanding organisation with a proud history, which Martin and his team have built into a terrific business which has significant opportunities for further growth. I am excited about taking the business forward and leading it into its next phase of development. In the meantime Martin and I will work diligently to ensure a smooth handover while continuing to ensure the Company delivers good progress."

The Company will hold a Capital Markets presentation on Wednesday 2 October, 2013 at 2:30pm at Prince Philip House (3 Carlton House Terrace, London SW1Y 5DG). The presentation will be hosted by Martin Lamb and Roy Twite and Mark Selway will be in attendance.

Enquiries to:

Will Shaw                    IMI                                                          Tel:      [phone]

Suzanne Bartch          StockWell Communications                 Tel:      [phone]

Robert Morgan

Notes to editors:

Martin Lamb

Martin Lamb (53) has been with IMI for 33 years and joined the Board in 1996.  He became Chief Executive in January 2001 and over the last 13 years has overseen a complete transformation of the Group, from a lowly rated, largely UK based, conglomerate into a truly global engineering business, with highly differentiated products and leading market positions in a number of attractive end markets.  Over the period of his tenure operating margins have more than doubled, earnings have more than trebled, and market capitalisation has increased by nearly six fold, with the company entering the FTSE 100 for the first time in its history in 2010.

Martin will remain as Chief Executive until the end of the year, and step down from the Board at the AGM in May 2014.  He has a 12 month employment contract which will end in September 2014, and will be available to the Board to assist in transition matters during this period.

Mark Selway

Mark Selway (54) was chief executive at Boral Limited, Australia's leading building materials company between 2010 and 2012. Prior to that he served as chief executive of The Weir Group plc for eight years between 2001 and 2009.  Before joining Weir he was a main board director at Britax International plc between 1996 and 2000. For two years between 2009 and 2011 he was a non-executive director of Lend Lease the Australian listed property and construction company.

Mark Selway's remuneration package, which is consistent with IMI's remuneration policy for executive directors, will comprise a base salary of £750k and a pension allowance of 30% of salary.  He will be eligible for a performance related annual bonus (with an annualised target bonus of 100% of salary) and participation in IMI's share-based long term incentive plans. On joining IMI Mark Selway will receive a 2013 Performance Share Plan award over IMI shares worth 200% of salary. Shares pursuant to this award will vest only if the performance conditions are met at the end of the three year vesting period. No compensation is being paid for any prior employer awards.

IMI plc

IMI plc, the international engineering company, designs, manufactures and services bespoke solutions that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, cleanly, efficiently and cost-effectively.  It works with customers across a range of high growth sectors, including energy, oil and gas, energy efficient buildings, rail, commercial vehicles and beverage dispense all of which are benefiting from the impact of long term global trends including climate change, urbanisation, resource scarcity and ageing population. IMI employs over 15,000 people, has manufacturing facilities in more than 20 countries worldwide and operates a global service network.  The Company is listed on the London Stock Exchange and is a member of the FTSE100. Further information is available at www.imiplc.com

 

END

 

 

BOAUNAKROUAKUAR