IMI announces new chairman
BIRMINGHAM-based engineering group IMI has announced the appointment of a new chairman.
The move follows the decision by current chairman Roberto Quarta to step down from the board.
His replacement will be Lord Smith of Kelvin, the current chairman of the UK Green Investment Bank. Lord Smith will take up the £300,000-a-year role at the conclusion of the group’s AGM in May.
IMI said the appointment followed a comprehensive search process which was led by Anita Frew, senior independent director, on behalf of the board and which was undertaken by an external executive search firm.
Lord Smith has extensive board level experience across a range of sectors including engineering, utilities and finance. Aside from his role with the GIB, he is also chairman of SSE plc, a role he has undertaken for the past 10 years and from which he is stepping down on July 23, 2015. He is also a non-executive director of Standard Bank Group, a role he is relinquishing on May 28, 2015.
He previously chaired The Weir Group plc for 11years and has served as a non-executive director on the boards of 3i plc, Bank of Scotland plc and Network Rail.
Roberto Quarta said: “Robert (Lord Smith) brings significant relevant high level board experience. As IMI moves into the next phase of its development and focuses on delivering accelerated top and bottom line growth, I am sure that he is the right person to chair the Board. I wish him, Mark and everyone at IMI much success in the future.”
Ms Frew added: “Our search process identified a number of very strong potential candidates to take on the role of chairman. We agreed unanimously that Robert, who in addition to his high level board credentials, has extensive industrial, international and M&A experience, was the right person to succeed Roberto at this important time in IMI’s evolution. Roberto has been an excellent chairman and on behalf of everyone at IMI I would like to thank him for the significant contribution he has made.”
Lord Smith added: “I am very pleased to be taking on this role at such an exciting time. The group’s new strategic direction is now embedded in all the businesses and I am looking forward to working with the board and the executive team to ensure that we deliver IMI’s ambitious accelerated growth plan.”
