IMI Regulatory News (IMI)

17 December 2014

Chairman announcement

IMI plc, the specialist engineering company, announces that Roberto Quarta has indicated that, following the identification of his successor and a suitable transition period, he intends to step down as non-executive Chairman. This follows the announcement of his appointment to the board of WPP plcwith effect from 1 January, 2015 where, subject to his re-election, he will take over as chairman.

An external search for his successor has commenced.

Roberto Quarta, Chairman, said: "I joined IMI back in 2011 and since then the Group has adopted a new strategic growth plan, strengthened the Board with new director appointments and recruited a new CEO from outside the Company. IMI is now on a positive track to deliver sustainable accelerated top and bottom line growth.I wish Mark, his team and everyone at IMI much success in the future."

Anita Frew, senior independent director, said "Roberto has made a significant contribution to IMI. He has overseen a period of much change as a result of which the Groupis now well positioned for long term growth."

Mark Selway, Chief Executive, said: "Roberto has been an excellent chairman and I have very much enjoyed working with him. Our focus now is to execute our growth strategy and achieve our ambition of doubling the Group's 2014 operating profits over the next five years. In the first six months of the strategic plan we have made good progress including investing in new products, disposing of non-core assets and securing our first acquisition. I look forward to working with the Board and Roberto's successor as we continue to make progress."

Enquiries to:

Notes to editors:

IMI plc, the specialist engineering company, designs, manufactures and services highly engineered products that control the precise movement of fluids. Its innovative technologies, built around valves and actuators, enable vital processes to operate safely, cleanly, efficiently and cost effectively. The Group works with industrial customers across a range of high growth sectors, including energy, transportation and infrastructure, all of which are benefiting from the impact of long-term global trends including climate change, urbanisation, resource scarcity and an ageing population. IMI employs over 12,000 people, has manufacturing facilities in more than 20 countries and operates a global service network. The Company is listed on the London Stock Exchange. Further information is available at www.imiplc.com. 

Roberto Quarta

Roberto Quarta joined the IMI Board as a non-executive Director in June 2011. He became Chairman and head of the Nominations Committee in November 2011. He is currently Chairman at Smith & Nephew plc, and partner at the private equity firm Clayton, Dubilier & Rice, where he has worked since 2000.He is also a non-executive Director at Spie SA.