Peter Spencer leaves IMI, Phil Clifton to lead division in interim

The FTSE 250 firm said an external search process to identify his successor was now underway.

In the interim, Phil Clifton - who recently joined IMI - would lead the Hydronic Engineering division as its interim managing director, overseen by Mark Selway, until a permanent divisional managing director is appointed.

Clifton would also become a member of IMI's executive committee.

The board said Clifton already had “extensive” commercial experience in the engineering sector, having previously been 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 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, the board said Clifton’s skills would help IMI to capitalise on the division's “strong foundations” and increase focus on its commercial opportunities.

“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,” said IMI chief executive Mark Selway.

“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.”

Selway said that furthermore, Spencer had 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.”

As the board had previously advised, IMI’s preliminary results announcement for the full year to 31 December would be issued on 2 March.

Expectations in relation to the 2017 full year results as outlined at the time of the November interim management statement remained unchanged, the board said, although the results from the IMI Hydronic Engineering division were likely to be lower than previously anticipated.