IMI chief executive to step down after 33 years with the business
THE long-serving chief executive of Birmingham-based IMI, Martin Lamb, is to step down at the end of the year and will retire from the group’s board after the 2014 annual general meeting, the company has said.
His successor will be Mark Selway, previously chief executive at Boral Ltd and prior to that chief executive of The Weir Group plc between 2001 and 2009. The succession takes effect from January 1, 2014.
However, Selway will join IMI and the IMI board on October 1, 2013 as chief executive designate and will work alongside Lamb until the end of 2013 to ensure a smooth transition of the CEO role.
Roberto Quarta, IMI chairman, said: “Martin has made an enormous contribution to IMI, in a career spanning 33 years, 17 years on the board, of which nearly 13 have been served as Chief Executive. During his period of leadership the company has been transformed from a lowly rated industrial conglomerate into a truly global engineering business, with highly differentiated products, commanding leading positions in a number of attractive end markets.
“Over the period, operating margins have more than doubled, earnings have more than trebled, and market capitalisation increased by nearly six fold, with IMI entering the FTSE100 for the first time in its history in 2010. IMI is now widely recognised as one of the UK’s leading engineering companies with first class market positions, a healthy balance sheet, and excellent prospects for long term growth. Martin has built a proud legacy and the board is extremely grateful for his dedicated and exceptional service.”
He said Selway was a very experienced chief executive with a proven track record and was well placed to build on Lamb’s legacy.
“He has significant UK and international engineering experience, including eight successful years as chief executive of The Weir Group. During his time at Weir he led the transformation of the business into an international engineering company with leadership positions in high growth attractive end markets. He brings exceptional leadership skills, extensive experience of global markets and a deep knowledge of many of the sectors in which IMI operates. These skills and experience, together, naturally, with a fresh perspective, will help drive IMI forward,” he added.
Lamb said: “IMI has undergone a considerable transformation over the last decade. It is truly in excellent shape and well positioned for future growth. I have been enormously privileged to lead a business with great technologies and exceptional people. After nearly 13 years as chief executive, and a lifetime of work at IMI, now is the right time for me to move on.”
Selway said: “IMI is an outstanding organisation with a proud history, which Martin and his team have built into a terrific business which has significant opportunities for further growth. I am excited about taking the business forward and leading it into its next phase of development.”
