Reuters – 3i Names New CEO

British private equity firm 3i has promoted Simon Borrows to chief executive, writes Reuters. He replaces Michael Queen who has been in the post for a little more than 3 years

Reuters – British private equity firm 3i Group has promoted Simon Borrows to chief executive as it looks to turn around its lacklustre performance and boost its flagging share price.

The London-listed private equity firm said on Thursday Borrows had assumed the role immediately, replacing Michael Queen who has been in the post for a little more than 3 years.

He has a mandate to address group performance, and has already had a positive impact as chief investment officer, bringing fresh focus and discipline to the group’s investing process, 3i said in statement.

Borrows, a former banker, was widely tipped as the next CEO after joining the group last year.

He is seen by analysts and bankers as someone with the experience of an external candidate, combined with the knowledge of someone of who has been close to 3i for many years, having worked on the flotation of the business in 1994.

Queen said in March he would quit following continued shareholder frustration at 3i’s poor share price performance and weak results from its buyouts business.

3i’s net asset value – the key measure for valuing its portfolio of companies – took another hit in the six months to end-March. Asset value per share was 279 pence, compared with 294 pence at the end of September and 351 pence a year ago.