Selway will step down as chief executive on 2 November 2009 and leave the Weir Group on 31 December 2009.
Keith Cochrane, Weir Group finance director, will succeed Selway as chief executive with effect from 2 November 2009. Cochrane joined Weir in 2006 from ScottishPower plc, where he was group director of finance.
“Choosing to leave Weir has been one of the toughest decisions of my life but the time is now right to hand over to a successor to continue the Group's future development. Keith will do a great job,” said Selway.