IMI Regulatory News (IMI)

18 March 2015

IMI announces appointment of Lord Smith of Kelvin as Chairman

IMI plc ('IMI' or the 'Company') announces that, following Roberto Quarta's decision to step down as Chairman, Lord Smith of Kelvin will be appointed Chairman with effect from the conclusion of the Company's Annual General Meeting on 7 May 2015 ('the AGM'), subject to his election as a Director of the Company at the AGM. Roberto Quarta will step down from the Board at the conclusion of the AGM.

This appointment follows 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 of Kelvin has extensive board level experience across a range of sectors including engineering, utilities and finance. Currently he is Chairman of the UK Green Investment Bank plc, Chairman of SSE plc, a role he has undertaken for the past 10 years and from which he is stepping down on 23 July 2015, and a non-executive director of Standard Bank Group Ltd, a role he is stepping down from on 28 May 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, Chairman said:

"Robert 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."

Anita Frew, senior independent director 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 of Kelvin commented:

"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."

There are no additional matters that require disclosure under LR 9.6.13 R (1) to (6) in relation to this appointment.

Enquiries to:

Lord Smith of Kelvin - biography

Lord Smith of Kelvin is Chairman of the UK Green Investment Bank plc and SSE plc. He is a non-executive director of Standard Bank Group Ltd and Chairman of Forth Ports, the private ports owner operator and Clyde Gateway the urban regeneration company.

He was previously Chairman of The Weir Group plc and Stakis plc and a non-executive director on the boards of 3i plc, Bank of Scotland plc and Network Rail.

He chaired Glasgow 2014 Limited, the organising committee of the Glasgow 2014 Commonwealth Games and the Smith Commission to oversee the process of devolving more powers to the Scottish Parliament.

He was formerly Chairman and Chief Executive of Morgan Grenfell Private Equity and was Chief Executive of Morgan Grenfell Asset Management from 1996 until 2000 before becoming Vice Chairman of Deutsche Asset Management between 2000 and 2002.

He is a Chartered Accountant and a past President of The Institute of Chartered Accountants of Scotland. He was knighted in 1999 for services to the National Museums of Scotland, became a member of the House of Lords in 2008 as an Independent Crossbench Peer, and in 2013 was appointed to the Order of the Thistle.

Fees

Lord Smith of Kelvin will receive total fees of £300,000 per annum which is unchanged from that of the current Chairman.

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.