IMI all shook up over new FD
BIRMINGHAM-based engineering group has announced the appointment of Daniel Shook as its new Finance Director. He succeeds Douglas Hurt who is retiring from the company.
Shook, 47, will join IMI and the IMI board with effect from January 1, 2015 as Finance Director designate. Hurt, 58, will remain responsible for financial reporting for 2014. To ensure an orderly handover of finance responsibilities Shook will succeed Hurt early in 2015. Hurt will step down from the board and retire from IMI at the AGM on 7 May 2015.
Shook is currently Chief Financial Officer and a member of the executive board at Borealis, the international chemical and plastics producer. Prior to joining Borealis in 2007, he spent 12 years at The BOC Group, 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 said: “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.”
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 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, which reported net sales of over €8bn in 2013. As Chief Financial Officer and member of the company’s Executive Board, Shook is responsible for all aspects of finance and IT and leads a team of 250 people through six direct reports.
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.
