CEO succession

RNS Number : 5142R

IMI PLC

01 March 2019

 

1 March 2019

CEO succession

Roy Twite to succeed Mark Selway as Chief Executive of IMI plc.

IMI plc (the 'Group' or 'IMI') announces that, following five years with the Group, Mark Selway has confirmed that he intends to step down as Chief Executive immediately following the Company's Annual General Meeting (the 'AGM') on 9 May 2019 and retire from the Board on 31 July 2019.   He will be succeeded by Roy Twite, currently Divisional Managing Director of IMI Critical Engineering, who will become Chief Executive Designate from 1 March 2019 and Chief Executive immediately following the AGM.

Roy joined IMI in 1988 and has been a member of the Board since 2007. He has held senior management roles in all parts of the Group including President of IMI Hydronic Engineering, President IMI Precision Engineering and, since 2011, Divisional Managing Director of IMI Critical Engineering.

Commenting, Chairman Lord Smith of Kelvin said:

"Following a rigorous selection process supported by Russell Reynolds that included both internal and external candidates, the Board is delighted to appoint Roy as IMI's next Chief Executive.  He is a strong and experienced successor who has been pivotal to the Group's continued success. He has extensive operational experience, deep knowledge of our core markets and outstanding leadership qualities."

"Under Mark's leadership IMI's market position has been significantly enhanced.  The Group's infrastructure has been modernised, its operational performance radically improved and its customer offering refreshed. As a result, IMI is now a much more robust and sustainable business.  On behalf of the Board I would like to thank Mark for his leadership, drive and commitment. He has made a significant contribution to the Group, and while fully respecting his decision to return home to retire, we are very sorry to see him go. We wish him well in his retirement back in Australia."

Commenting, Mark Selway said:

"Choosing to leave IMI has been a tough decision, but the time is now right to hand over to a successor to continue the Group's development.  Roy will do a great job leading the business through its next phase of development and growth."

"I am very proud of what the team at IMI has delivered and I am confident that the solid foundations put in place in recent years position the Group well for the future."

Roy Twite added:

"I am very pleased to take up this role.  IMI is an outstanding organisation. We have great people, world-class engineering capabilities and a competitive customer offering.  Over the next few months, Mark and I will work diligently to execute a seamless transition, and I look forward to leading the Group in its next phase and creating value for all our stakeholders."

An announcement will be made on the appointment of the new IMI Critical Engineering Divisional Managing Director, in due course. 

This announcement has been determined to include inside information.

Enquiries to:

John Dean	IMI	Tel: [phone]
Suzanne Bartch / Rob Morgan	Teneo	Tel: [phone]

 

Notes to editors

Roy Twite - 51

Biography

2011 - Divisional Managing Director, IMI Critical Engineering

2009 - President IMI Precision Engineering

2007 - President of Retail Dispense

2004 - President of IMI Hydronic Engineering

2001 - Managing Director of IMI Norgren UK 

Other board appointments

Non-executive director of Halma plc since July 2014

Education and training

BEng in Engineering from Nottingham University

Masters in Manufacturing Business Leadership from Cambridge University

Harvard University's Advanced Management Programme.

Remuneration information
Until 31 July 2019 Mark will continue to be employed on his existing terms but will not be awarded a salary increase or long term incentive award in 2019.  He will be eligible for a pro-rata annual incentive payment for 2019 and unvested performance share awards will vest at the normal vesting date, subject to pro-rating and applicable performance conditions.  Mark will receive a payment in lieu of notice, representing two months' basic salary. 

Roy Twite will be remunerated as Chief Executive from 9 May 2019, on the following basis: annual salary of £720,000 with an annual incentive bonus of up to 200% of salary and performance share awards of 250% of salary. Additionally the pension opportunity for Roy Twite will reduce from the current level of 35% of base salary to 11% in order to align with our global workforce.

All remuneration arrangements for Mark and Roy are strictly in accordance with the Company's Remuneration Policy, approved by shareholders at the Annual General Meeting on 3 May 2018.

IMI plc

IMI plc, the specialist engineering company, designs, manufactures and services highly engineered products 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.  The Group works with industrial customers across a range of high growth sectors, including energy, transportation and infrastructure, all of which are benefiting from the impact of long-term global trends including climate change, urbanisation, resource scarcity and an ageing population.  IMI employs around 11,000 people, has manufacturing facilities in more than 20 countries and operates a global service network.  The Company is listed on the London Stock Exchange.  Further information is available at www.imiplc.com.

IMI plc is registered in England No. 714275. Its legal entity identifier ('LEI') number is 2138002W9Q21PF

 

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