3i Group plc Board changes

3i Group plc announces the appointment of Michael Queen to succeed Philip Yea as Group Chief Executive

The Board of 3i Group plc today announces the appointment of Michael Queen as Group Chief Executive.  He succeeds Philip Yea, who has been Group Chief Executive since July 2004.

Michael Queen has been Managing Partner of 3i’s Infrastructure business line since 2007.  Prior to that, he ran 3i’s Growth Capital business globally.  From 1997 to 2005, he was Finance Director of 3i Group plc, and has been on 3i Group’s Board since 1997.  He is a previous Chairman of the British Venture Capital Association (B.V.C.A.).

Baroness Hogg, 3i Chairman, commented:

“Philip Yea has led significant change at 3i, developing the business model, growing assets under management and internationalising the business.  But after nearly five years running the business, Phil is stepping down to assist the transition to the next generation of leadership.  The Board would like to thank Phil for his great contribution.

Michael Queen’s stewardship of Growth Capital, his success in launching our infrastructure business and deep experience of seeing 3i through several challenging cycles in the industry make him a natural successor to Philip Yea.  He has an excellent understanding of private equity and is widely respected across the company, industry and investment community.”

Michael Queen commented:

“It is an honour to be asked to lead 3i.  These are tough markets and the macro economic environment is clearly challenging but 3i is an outstanding business with the brand, people and the financial strength to weather current difficulties and strengthen its position in the market, globally.”

Commenting on the change, Philip Yea said: 
“It has been a privilege to lead the reshaping of 3i over the last four and a half years. Notwithstanding the current economic climate, 3i’s strong position gives it significant scope to develop further once external conditions improve.”