Industrial valve maker IMI has appointed Lord Smith of Kelvin — one of Scotland’s leading businessmen — as its new chairman.

Lord Smith is currently chairman of gas and electricity supplier SSE, the UK Green Investment Bank and Forth Ports, as well as a non-executive director of Standard Bank.

He was previously chairman of the Weir Group, sat on the boards of 3i, the Bank of Scotland and Network Rail and held senior positions at Morgan Grenfell and Deutsche Asset Management.

Lord Smith will take up the position with IMI after the company’s annual meeting on 7 May; he will then step down from his roles with Standard Bank and SSE. He said: “I am very pleased to be taking on this role at such an exciting time.

"IMI’s new strategic direction is now embedded in all its businesses, and I am looking forward to working with the board and the executive team to ensure that we deliver the group’s ambitious accelerated growth plan.”