3i chief to step down

Private equity group 3i has announced that Michael Queen, chief executive, is to leave the company after a successor has been found.

Queen is to leave the investment company after almost 25 years. He was appointed chief executive in 2009.

Adrian Montague, chairman of 3i, says: “Michael has given tremendous service to 3i over many years. His leadership through the period of the global financial crisis in restoring 3i’s financial strength, his founding of our highly successful infrastructure business and the strong management team he has put in place are just three of his many achievements with the company.”

Michael Queen adds: “It has been a privilege to lead such an outstanding organisation as 3i. I am pleased that after a difficult period 3i is now well placed to achieve its full potential.

“Having restored 3i’s financial strength the time is right for me to seek a new challenge and for 3i to appoint a new leader to build on this position.”