IMI announces new CEO as Martin Lamb retires

27th Sep 2013 07:04

Engineering group IMI has hired former Weir Group boss Mark Selway as its new Chief Executive.He will take the reins from company veteran Martin Lamb who will step down as Chief Executive at the end of this year after nearly 13 years at the helm. Under his watch the company has trebled its earnings and its market capitalisation has increased by nearly six fold, Chairman Roberto Quarta said.Lamb, who will retire from the board at the 2014 annual meeting, said: "After nearly 13 years as Chief Executive and a life time of work at IMI, now is the right time for me to move on."IMI said the appointment followed a comprehensive search process.Selway, who was Chief Executive of The Weir Group between 2001 and 2009, will join IMI at the start of October as Chief Executive designate and work with Lamb until the end of 2013. He will be paid a base salary of £750,000 and a pension allowance of 30% of salary. He will receive a share award over shares worth 200% of his salary. These will vest if performance conditions are met at the end of the three year vesting period. TB