3i Group plc has just announced that, in concluding a process that considered a strong field of both external and internal candidates, it has appointed Simon Borrows to succeed Michael Queen as Chief Executive Officer with effect from today, 17 May 2012.
Simon 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 joining, he was Chairman of Greenhill & Co.
International LLP, having previously been Co-Chief Executive Officer of
Greenhill & Co., Inc, a leading independent investment bank listed
on the New York Stock Exchange. Before founding the European operations
of Greenhill & Co. in 1998, he was the Managing Director of Baring
Brothers International Limited. He is also a non-executive director of
The British Land Company plc and of Inchcape plc.
Mr 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.”
Simon Borrows responded by saying:
“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 macro-economic
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.”
3i is an international investor focused on Private Equity, Infrastructure and Debt Management,
investing in Europe, Asia and the Americas. Our competitive advantage
comes from our international network and the strength and breadth of our
business relationships. These underpin the value that we deliver to our
portfolio, shareholders and fund investors.