3i Group appoints new chief executive

3i Group plc said that it has appointed Simon Borrows to succeed Michael Queen as CEO with effect from today.

Borrows is currently chief investment officer and has been a member of the board of 3i Group plc since he joined the company in October 2011. Prior to this, he was chairman of Greenhill & Co. International LLP, the investment arm of independent investment bank Greenhill & Co., Inc, listed on the New York Stock Exchange, where he was previously co-chief executive officer. Before founding the European operations of Greenhill & Co.

In 1998, Borrow was the managing director of Baring Brothers International Limited. He is also a nonexecutive director of The British Land Company plc and of Inchcape plc.

Borrows's immediate focus will be to shape 3i's future investment strategy and to ensure that the operating costs of the Group are consistent with this. A key component will be to improve the focus and discipline around the Group's investment management capabilities, to the benefit of the Group's shareholders, LPs and co-investors. He will continue to chair 3i's investment committee.

Commenting on the appointment, Sir Adrian Montague, 3i chairman, said, ''We are delighted to announce the appointment of Simon as chief executive. He has already made a significant positive impact as chief investment officer, bringing a fresh focus and discipline to 3i's investment processes.

The Board and I look forward to working with him to ensure the success of the next stage of the development of 3i.''

Borrows said, ''I am very pleased to have the opportunity to lead the company into the next phase of its development. 3i has a great brand and a strong long-term track record of investing. Whilst there are clear challenges ahead, particularly in light of the current uncertain macroeconomic environment, I am committed to improving the performance of 3i and maximising long-term shareholder value. I look forward to working with the Board and the 3i team to achieve this.''