Yea leaves 3i to Queen

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Philip Yea has stepped down from his position as CEO of 3i and has been replaced by Michael Queen, formerly finance director of the group and managing partner of 3i infrastructure.

The need for the "next generation of leadership" was stated by 3i as the reason for Yea's departure. In Q4 2008 the listed investor saw a value decline of 21% across its top 50 assets, which accounted for 61% of 3i's £5.9bn portfolio (as at 30 September 2008), and has also seen its shares slide 75%.

During Yea's four-year tenure, £2bn was returned to investors: £500m in 2005, shortly after he took over; £700m in 2006; and £800m in 2007. Touted at the time as generous by most, many now criticise it. The listed group now has £2.1bn net debt and £839m of cash, cash deposits and undrawn committed facilities at 31 December 2008 - down from £954m just three months earlier.

Queen had been the group's finance director for eight years until 2005 and was managing partner at 3i's infrastructure business.

Yea joined 3i in July 2004 from Investcorp, where he was a managing director. Yea will stay with the firm for several months to help with the transition. He is reported to be receiving a £773,000 redundancy package. Cressida Hogg has replaced Queen as managing partner, infrastructure.