Although you would have to look hard to find it in its 112-page annual report, ICI still retains one of the most resonant names in British business - Imperial Chemical Industries. The directors' reluctance to surrender the grander title may hint at a certain wistfulness, in view of the downscaling in recent years from being the oft-quoted bellwether of the economy into the more modest goal of 'the world's pre-eminent speciality coatings business' - a title which used to be claimed by ICI's one-time rival, Courtaulds, in its latter days as an independent entity.

But there is nothing wistful about Tim Scott, who was formally approved by ICI's shareholders on May 23 as the latest in a long line to grace the office of the company's finance director.