The airport scanner maker Smiths Group has appointed Andrew Reynolds Smith as its new chief executive, luring him from rival GKN with a £4.9m pay package.
Mr Reynolds Smith will replace Philip Bowman, who is set to retire from the FTSE 100 giant this year after eight years at its helm.
The new chief executive currently holds the same position at GKN Automotive, a division of the engineering group.
“Andrew has almost 20 years’ experience running large, complex global industrial engineering operations with a track record of delivering turnarounds and above-market growth rates,” Smiths chairman Sir George Buckley said.
“His career has equipped him to grow businesses through innovation and technical excellence as well as through targeted M&A. Smiths will greatly benefit from his engineering insight and leadership skills.”
The 49-year-old will pick up a £780,000 salary as well as other benefits, potentially boosting his pay to £4.9m.
Shares in Smiths, whose products range from surgical needles to batteries for electric cars, fell almost 5 per cent to 1,085p.
Roger Johnston, an analyst at Edison Investment Research, said: “We view the appointment as a positive step, with Andrew having successfully shown his ability to drive performance at GKN while restructuring a global footprint and focusing on increasing the technological complexity of products to meet emerging customer demands.”
He added: “With Mr Bowman bowing out after an eight-year stint that many thought would see the group broken up, we feel Andrew will not arrive with the same immediate expectation in that respect compared to his predecessor.”