26 November 2004
26 November 2004
BOARD CHANGES AT IMI
IMI plc, the major international engineering solutions business, announces that
Gary Allen has today advised the Board of his decision to retire as Chairman and
step down from the Board at the year end.
In consequence the following further Board changes are announced:
• Jim Leng has agreed that from 1 January 2005 he will take on the role of
non-executive Chairman until such time as a successor is appointed. It is
anticipated that a new Chairman will be in place by the next Annual General
Meeting in May 2005, at which time Mr Leng does not intend to seek
re-election for a further term as a director.
• Terry Gateley is today appointed as senior independent non-executive
Commenting on his decision to retire Gary Allen said, 'On my appointment as
Chairman in 2001, IMI was about to undertake a significant restructuring and
repositioning under my successor as Chief Executive, Martin Lamb. The first
phase of this programme has been successfully completed and our interim results
demonstrated the progress we have made with increased profit and dividend and a
healthy balance sheet. Earlier this year we strengthened the executive team to
focus more of Martin's time on the strategic development and growth of the
Group. Being Chairman throughout this transition has given me tremendous
satisfaction. However, I believe that the time is right for IMI to find a new,
long term Chairman as it progresses into the next phase of its development.
Accordingly, I have decided to step down at the end of this year to allow my
colleagues on the Board to conduct the process for the appointment of my
Martin Lamb said, 'During his long and distinguished career with IMI, Gary has
made a unique contribution to its successful development. I have very much
enjoyed working with him, both in his role as Chief Executive and as Chairman,
but accept and understand his decision to retire at the end of the year. He
leaves with the Group in good shape'.
- Ends -
For further information contact:
Graham Truscott, Communications Director Tel: 0121 717 3712
Weber Shandwick Square Mile
Nick Oborne/ Sarah Macleod/ Stephanie Badjonat Tel: 020 7067 0700
Information about IMI plc can be found on the website: www.imiplc.com
Mr G J Allen, CBE DL, age 60, joined IMI in 1965 and was appointed to the Board
in 1978. He became Chief Executive in 1986 and Chairman in 2001. Mr Allen has
over 30 years experience in engineering with IMI. He was awarded a CBE in 1991.
His non-executive directorships include The London Stock Exchange, N.V. Bekaert
(Belgium), Temple Bar Investment Trust plc and the National Exhibition Centre
Mr J W Leng, age 59, joined the IMI Board as a non-executive director in 2002.
He has extensive experience in international manufacturing industry. He is
currently non-executive Chairman of Corus plc and non-executive director of
Pilkington plc, Hanson PLC and Alstom SA.
Mr T M Gateley, age 50, joined the IMI Board as a non-executive director in
2003. He was a senior partner for KPMG until 1999. He is a member of the
Industrial Advisory Board of Alchemy Partners LLP and his other current
directorships include Open and Direct Limited (Chairman) and Jennings Holdings
Limited. His recent past directorships include Pressac plc and United Assurance
This information is provided by RNS
The company news service from the London Stock Exchange