IMI plc (LON:IMI) revealed the planned departure of chief executive Mark Selway as the engineering firm released its financial results statement for 2018.
Selway will leave in May, and, will be replaced by Roy Twite who is presently divisional managing director of IMI’s critical engineering division.
"Choosing to leave IMI has been a tough decision, but the time is now right to hand over to a successor to continue the Group's development,” Selway said.
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Twite, meanwhile, added: “Over the next few months, Mark and I will work diligently to execute a seamless transition, and I look forward to leading the Group in its next phase and creating value for all our stakeholders."
The results themselves revealed a 9% rise in revenue to £1.9bn for 2018, while pre-tax statutory profit improved by 18% to £213mln. Net debt stood at £405mln at the end of the year.
IMI reported adjusted operating cash flow of £222mln, up 2%, and, it increased the dividend by 3% to 40.6p.
"It is pleasing to report the continuation of the progress achieved in the first half of 2018,” Selway said in the results statement.
“Our strategic plan to drive sustainable long-term growth continues to make a real difference across all parts of the group.”
He added: “In the first half of 2019 we expect organic revenues to be lower than the same period in 2018 due to the phasing of Critical Engineering's order book and slowing market demand in the Industrial Automation sector in Precision Engineering.”
Analysts at stockbroker Peel Hunt, in a note, said: “The headlines will be dominated by the departure of Mark Selway as CEO and the stepping up of Roy Twite – it will be interesting to see what nuances Roy brings given his extensive experience across the group.
“Number-wise, operating profit of £266m just beats our £262.5m while organic revenue growth of 5% beats our 4.3% estimate.”