New IMI chief paid £590,000 in 2013 - Even though he started in 2014

Suzie Neuwirth

The new chief executive of FTSE 100-quoted engineering firm IMI was paid £590,000 in 2013, despite not taking up the role until the beginning of this year.

Mark Selway, who previously headed up construction firm Boral and engineering company Weir, received a base salary of £188,000 and a bonus of £237,000 within the package.

“For Mark, it was reassuring to find that our remuneration policy was sufficient to attract him to IMI,” said the firm in its annual report today. “We did not make any awards outside of our existing plans and there was no buy out of awards from his previous employment.”

Selway joined IMI’s board on 1 October 2013 to ensure a smooth transition for when he started his new role on 1 January 2014.

Meanwhile outgoing chief executive Martin Lamb took home £6.69m, down from the £7.95m he received in 2012, mostly due to differences in long-term variable pay from share plans.