Simon Borrows steps in as 3i CEO

Borrows, previously chief investment officer, has been a member of the board since he joined the firm in October 2011.

Prior to joining 3i, he was chairman of Greenhill & Co International, having previously been co-chief executive officer. Before founding the European operations of Greenhill & Co in 1998, Borrows was the managing director of Baring Brothers International Limited.

Queen announced his decision to step down at the end of March. He joined 3i in 1987, became executive director in 1997 and later CEO in 2009. Commenting on his decision, he said in a statement: "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."

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