3i to appoint Simon Borrows as new chief executive

Borrows joined 3i as chief investment officer last year and was previously chairman of investment bank Greenhill & Co International, part of U.S. Greenhill & Co, where he worked on a number of high-profile deals such as the sale of EMI to Terra Firma.

The appointment is expected to be approved at a board meeting before the company announces annual results on Thursday, a person familiar with the situation told Dow Jones Newswires on Monday.

Queen worked for almost 25 years at 3i and spent his last three heading up the company. He was responsible for reducing 3i's escalating debt but failed to save the company from performing poorly. Over the past year, shares of the company have fallen around 35%.

Borrows' appointment is expected to bring about reversal to the company's declining share price. Under his leadership, the company is expected to concentrate more on its core strength of European buyouts instead of diversifying its business in emerging markets.

In February, 3i appointed two Chinese business leaders and one academic to its newly formed advisory board for China. The new recruits include Frank Ning, chairman of food conglomerate COFCO, Dr Bing Xiang, founding dean of Cheung Kong Graduate School of Business, and Michael Wu, CEO of Tradelink Electronic Commerce and a former deputy chairman of the Shanghai Stock Exchange.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• People
• Appointments
• 3i Asia Pacific