The share price of IMI (LSE: IMI ) – the global engineering group that focuses on the precise control and movement of fluids in critical applications – is up slightly this morning, on release of news that Mark Selway is to succeed Martin Lamb as CEO of the company as from 1 January 2014.
Mr Lamb’s career at IMI extends over a total of 33 years. He was on the company’s board for 17 years, serving nearly 13 of those as Chief Executive. Mr Selway was previously CEO at the Australian building materials company Boral Limited, and prior to that was Chief Executive of The Weir Group between between 2001 and 2009.
Outgoing CEO Martin Lamb commented:
“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 and to hand over the reins to a new Chief Executive. Mark established an excellent track record at Weir and I shall be working closely with him to ensure that the transition is seamless. I wish him and everyone at IMI the greatest of continuing success.“
Mark Selway has a tough act to follow. During Martin Lamb’s tenure as CEO, IMI’s operating margins have more than doubled, its earnings have more than trebled, and its market capitalisation has increased by nearly six times. And in 2010 IMI entered the FTSE 100 for the first time in its history.
At the time of writing, IMI’s share price is 1,461p – that’s 33% up so far in 2013, over 60% up on this time last year and over 500% since Martin Lamb first became CEO.
