Philip Yea, chief executive of 3i, parted ways with Europe’s biggest listed private equity group on Wednesday after its shares fell by almost three-quarters in a year. The surprise move came as the only private equity group in the FTSE 100 said it had written down the value of its 50 biggest investments by 21%, or £682m, as a result of the downturn. The group said the departure of Yea, who will be replaced by 3i veteran Michael Queen, had been a “mutually agreed decision taken after proper discussion”. He is expected to receive a severance package worth about £1m, in line with the £1.05m salary he received in the year to March.

This entry was posted by Gwen Robinson on Thursday, January 29th, 2009 at 5:52 and is filed under People, Private equity. Tagged with 3i, philip yea. Edit this entry.