Michael Queen will steer the private equity firm following Philip Yea's resignation from the top spot. Last year, 3i invested a total of £841m, down dramatically from the £1.8bn the prior year. 3i's share price has plummeted in recent months, this morning losing nearly 4%, giving it a £941m market capitalisation.
Philip Yea has ended his five-year reign as chief executive of 3i, handing control of the beleaguered private equity firm to 20-year firm veteran and infrastructure head Michael Queen.
3i chairman Sarah Hogg said in a statement the move was to “assist the transition to the next generation of leadership”, though it coincides with a tumultuous time for the listed private equity group.
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