Related News

Home » Business » Finance

Queen set to be more 'hands-on' chief at 3i

3I Group Plc veteran Michael Queen will bring an investor's detail-hungry mindset to bear as he steers the British private equity group through a turbulent period as its new chief executive.

Last Wednesday the FTSE 100 buyout firm named Queen to succeed Philip Yea, capping a career at 3i that started in 1987 as an investment professional.

Queen was finance director from 1997 to 2005, and was believed to be in the running to take over as chief executive when Brian Larcombe stepped down in 2004, but the company opted instead to bring in Yea, the one-time finance director of alcoholic drinks group Diageo.

After that Queen held various senior positions, first as global head of growth capital before being appointed as managing partner of the infrastructure business, overseeing 3i's investments in essential services like water, energy, schools, and hospitals.

Queen oversaw the expansion of both businesses, including the launch of an India infrastructure fund and the flotation of the US$1.8 billion United Kingdom infrastructure fund in 2007.

"Having been an investor, Michael Queen is likely to be a more 'hands-on' CEO, which is likely to be what is required during the more difficult time ahead," analysts at Cazenove said.

Whatever his approach, Queen will need to draw on all his experience and knowledge as he faces tough decisions about the direction the company takes through the current turmoil.

On the same day he was appointed CEO, 3i said 50 of its largest investments fell 21 percent in value in the quarter to December 31.

A day later the company's shares hit an all-time low, with investors panicking about the possibility of a rights issue or cheap sale of assets.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend