Divisional MD departs as IMI reveals lower than anticipated performance
Birmingham-based engineering group, IMI, has been forced to make changes to its executive committee following the departure of a senior manager.
Peter Spencer served as both divisional managing director of IMI Hydronic Engineering and a member of the Executive.
He has left the business and the group said it had launched an external search to identify his successor.
His departure coincides with forecasts of a decline in the performance of the Hydronic Engineering division.
In the meantime, it said Phil Clifton, who recently joined IMI, would serve as interim MD of the Hydronic Engineering division, overseen by group chief executive Mark Selway. Mr Clifton will also serve on the Executive.
The group said Mrt Clifton had extensive commercial experience in the engineering sector. Previously he was chief executive of Signum Technology, the private equity-backed specialist engineering group focused on flow control sectors.
Prior to that he spent nearly seven years with the Weir Group, where he was divisional managing director of the company’s Power & Industrial division between 2007 and 2011.
“With a proven track record of driving significant growth, particularly in challenging market environments, Phil’s skills will help us to capitalise on the division’s strong foundations and increase focus on its commercial opportunities,” it said.
Commenting on Mr Spencer’s departure, Mr Selway said: “I would like to thank Peter for all his hard work and dedication since he joined IMI over seven years ago. He has made a significant contribution to the business and, in particular, he has helped transform the Hydronic division into a more focused and efficient organisation.
“Furthermore, he has overseen the creation of a number of new product ranges. We continue to execute the existing strategy for Hydronic Engineering, with a focus on opportunities for accelerated growth.”
IMI’s shares were down almost 3% following the announcement.
The group’s preliminary results announcement for the year ended December 31, 2017, will be issued on March 2.
Expectations remain unchanged, although IMI said the performance of Hydronic Engineering division was likely to be lower than previously anticipated.
