Finance Director Succession

RNS Number : 3170S

IMI PLC

23 September 2014

 



23 September 2014

Daniel Shook to succeed Douglas Hurt as Finance Director of IMI

IMI plc ('IMI' or 'the Group'), the specialist engineering group, announces that Daniel Shook (47) will be appointed as Finance Director to succeed Douglas Hurt (58) who has decided to retire from the Company.

Daniel will join IMI and the IMI Board with effect from 1 January 2015 as Finance Director designate.  Douglas will remain responsible for financial reporting for 2014.  To ensure an orderly handover of finance responsibilities Daniel will succeed Douglas as Finance Director early in 2015.  Douglas will step down from the Board and retire from IMI at the AGM on 7 May 2015.

Daniel is currently Chief Financial Officer and a member of the Executive Board at Borealis AG, the international chemical and plastics producer.  Prior to joining Borealis in 2007, he spent 12 years at The BOC Group plc, the former FTSE 100 industrial gases company, where he served in a number of senior finance and management roles including Finance Director of the Industrial & Special Products division and Group Treasurer.

Mark Selway, Chief Executive of IMI commented:

"I am delighted that Dan is joining us.  He has over 20 years financial management experience and deep knowledge of complex process manufacturing across a range of industrial sectors.  He also brings a strong international perspective, having worked in a number of key geographies during his time with two leading global businesses.  His skills and expertise will be of great benefit as we work to double IMI's 2014 operating profits over the next five years.

"Douglas has played a major role in IMI's evolution over the course of the last eight years.  I would like to thank him for his commitment to the Group and, on behalf of everyone at IMI, I wish him all the very best for the future."

Daniel Shook, Finance Director designate, added "IMI is a great company with significant opportunities ahead.  I am excited to be joining the business at this time and I am looking forward to working alongside Mark and the team to deliver the Group's strategic plan."

There is no other information concerning Daniel Shook which requires notification under LR 9.6 13R of the Listing Rules of the UK Listing Authority.

 

Enquiries to:

Will Shaw                    IMI                                                           Tel:      [phone]

Suzanne Bartch          StockWell Communications                  Tel:      [phone]

Robert Morgan

Notes to Editors:

Daniel Shook - biography and remuneration arrangements

Daniel Shook has a BA in Economics and Mathematics from Colgate University, New York and an MBA from Wharton Business School.  He is a US national and spent the early years of his career with the US division of NatWest Bank before joining The BOC Group plc in 1995.  During his 12 years at BOC he served in a number of senior finance and management roles based in the US and UK, including Group Treasurer for five years (2000-2005) responsible for funding and financial risk management across BOC's global operations, and Finance Director of the Industrial & Special Products division (2005-2007), one of BOC's largest divisions which operated in 35 countries and had annual revenues of nearly £2bn.  In June 2007 he joined Borealis AG, the international chemical and plastics producer which reported net sales of over €8bn in 2013.  As Chief Financial Officer and member of the company's Executive Board, Daniel is responsible for all aspects of finance and IT and leads a team of 250 people through six direct reports. 

Daniel Shook's remuneration package, which is consistent with IMI's remuneration policy for executive directors, will comprise a base salary of £400k and a pension allowance of 20% of salary.  He will be eligible for a performance related annual bonus (with an annualised target bonus of 62.5% of salary) and normal participation in IMI's share-based long term incentive plans.  No special signing-on payments or share awards are to be made. 

About IMI

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 over 12,000 people, has manufacturing facilities in more than 20 countries and operates a global service network.  The Company is listed on the London Stock Exchange and is a member of the FTSE100.  Further information is available at www.imiplc.com.

 

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