Former IMI chief relinquishes role with Mercia

Martin Lamb

Former IMI chief executive Martin Lamb is to step down as a non-executive director of specialist funder Mercia Technologies, the investor has announced.

Mr Lamb, who joined Henley-in-Arden-based Mercia in January 2015, will step down with effect from the company’s Annual General Meeting on September 18.

The decision has been prompted following Mr Lamb’s appointment as full time executive chairman of industrial flow control equipment manufacturer, Rotork.

Following his departure, Susan Searle will become interim chair of Mercia’s audit committee and the three remaining NEDs will continue to sit on all board committees.

Sapphire Partners has been appointed to lead the search for Mr Lamb’s replacement.

Ms Searle said: “On behalf of the board, I would like to express my sincere gratitude to Martin for his contribution whilst we have scaled Mercia to the point which we are at today. He has provided invaluable support over the last few years and on behalf of all my colleagues, we wish him every success in his expanded role at Rotork.”

Mr Lamb has stepped up to the full time role at Rotork following the resignation of chief executive Peter France.

Mr France’s departure after eight years in post was announced by the Bath-based firm last month. His resignation, which ended a 30-year association with the business, followed a period of under-performace from the FTSE 250 manufacturer.

The search is now on to find his full time successor.

Mr Lamb’s experience during his time with Birmingham-based IMI is expected to be critical in stabilising the business, which has a base near Wolverhampton.

Mr Lamb said: “Rotork is an outstanding business with leading product brands, embedded market positions, strong global representation and great people. The board recognises the more challenging market environment faced by the business in recent times, particularly in the oil and gas sector. The board is now focused on identifying the right leader to deliver the greatest shareholder value from this next phase in the company’s development.”

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