Private equity major 3i Group plc has appointed Michael Queen as Group Chief Executive. Queen would replace Philip Yea, who has been the chief since July 2004. Yea is leaving as 3i's investments have plunged in value by a fifth during the last quarter of 2008. The stock of the 3i Group has also fallen by more than 75% during the past one year.
Queen has been an old timer with 3i, and been on 3i Group's Board since 1997. In 2004, Queen was said to be one of the internal favourites to takeover as chief in 2004 but Yea, an outsider was appointed to head the firm.
Since 2007, Queen has been Managing Partner of 3i's Infrastructure business line. 3i has a $1.8 billion publicly-listed infrastructure fund in the UK. The firm has also raised an India-focused infrastructure fund with $1.2 billion in commitments, 20% more than it had planned to raise.
Before heading infrastructure business, Queen 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.
3i has also recently appointed Anil Ahuja, who was heading its India operations, as the head of Asia. It has also appointed Cressida Hogg as Managing Partner, Infrastructure, to replace Queen.