Reuters – 3i Set to Name New Chief Exec

Listed UK private equity group 3i is set to name a new chief executive this week, the Financial Times reported, writes Reuters. Simon Borrows, a senior City of London banker who joined the company last year as chief investment officer, is expected to replace Michael Queen who announced his resignation in March after three years in the job and 25 years at the company

Reuters – The UK’s largest listed private equity group, 3i, is set to name a new chief executive this week, which it is expected will appease unhappy shareholders, the Financial Times reported.

Simon Borrows, a senior City of London banker who joined the company last year as chief investment officer, is expected to be a welcomed appointment at the helm of the company, which reports annual results on Thursday.

He will replace Michael Queen who announced his resignation in March after three years in the job and 25 years at the company, according to the article published on the FT’s website.

The company has come under fire from shareholders for a share price that has trailed asset values, following heavy write-downs on companies it bought before the crisis.