22 January 2018
Executive Committee change
IMI plc (the "Group" or "IMI") announces the following changes to its Executive Committee.
Peter Spencer, Divisional Managing Director of IMI Hydronic Engineering and a member of the Executive Committee, has left the Group. An external search process to identify his successor is underway.
In the interim Phil Clifton, who recently joined IMI, will lead the Hydronic Engineering division as Interim Managing Director, overseen by Mark Selway, until a permanent Divisional Managing Director is appointed. Phil will also become a member of IMI's Executive Committee.
Phil has extensive commercial experience in the engineering sector. Previously he was Chief Executive of Signum Technology, the private equity backed specialist engineering group focused on flow control sectors. Prior to that he spent nearly seven years with The Weir Group PLC where he was Divisional Managing Director of the company's Power & Industrial division between 2007 and 2011. With a proven track record of driving significant growth, particularly in challenging market environments, Phil's skills will help us to capitalise on the Division's strong foundations and increase focus on its commercial opportunities.
Mark Selway, Chief Executive of IMI, commented "On behalf of the Board and the Executive Committee I would like to thank Peter for all his hard work and dedication since he joined IMI over seven years ago. He has made a significant contribution to the business and, in particular, he has helped transform the Hydronic division into a more focused and efficient organisation. Furthermore, he has overseen the creation of a number of new product ranges. We continue to execute the existing strategy for Hydronic Engineering, with a focus on opportunities for accelerated growth."
Preliminary results announcement
As previously advised, the Group's preliminary results announcement for the full year ended 31 December 2017, will be issued on 2 March 2018.
Expectations in relation to the Group's 2017 full year results, as outlined at the time of the November 2017 Interim Management Statement, remain unchanged, albeit the results from the IMI Hydronic Engineering division are likely to be lower than previously anticipated.
Enquiries to:
John Dean |
IMI |
Tel: +44 (0)121 717 3712 |
Suzanne Bartch / Gayden Metcalfe |
Teneo Blue Rubicon |
Tel: +44 (0)203 757 9239 |
Notes to editors
IMI plc
IMI plc, the specialist engineering company, designs, manufactures and services highly engineered products that control the precise movement of fluids. IMI 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.
IMI plc is registered in England No. 714275. Its legal entity identifier ('LEI') number is 2138002W9Q21PF751R30.
