Spotlight On... Michael Queen, chief executive, 3i
Michael Queen, who he?
One of the longest-serving inmates at the private equity giant 3i. After 25 years there, he's finally decided to call it a day.
What was his job?
He worked his way up since arriving in 1987 to the top job – chief executive in 2009.
Did he fall or was he pushed?
Well, it looks fairly voluntary. The company hasn't lined anybody up to replace him and he's staying with the business until they've found someone. But 3i has plenty of critics. Its shares trade at a savage discount to the value of its assets and some shareholders are understandably miffed.
It's a bit harsh to blame him entirely. 3i, formed by the Attlee government after the Second World War to provide funding to small businesses, still has the reputation of being something of a bureaucracy. That's particularly the case when you compare it to the likes of Electra and Hg. So making big changes is difficult. But Mr Queen deserves credit for slashing 3i's debt. And he created its infrastructure division, which is widely seen as one of the best bits of the business.
Who's likely to get his job?
Internally, the money is on Simon Borrows, who joined in October as chief investment officer. But some say 3i needs a complete outsider – possibly one from outside private equity altogether. Given that Mr Borrows was an investment banker before, however, you can bet he'll be playing up his "outsider" credentials to the board.
Meanwhile, Mr Queen looks a lame duck
It's always hard running a company when everybody knows you're leaving. Predators tend to circle. City brokers keep punting 3i as being vulnerable to a takeover and potential bidders may take the view that it's now or never. Don't hold your breath, though. Bits may be broken up, but an outright takeover seems unlikely.
Where's he going next?
Hard to say. He wants a job outside private equity – perhaps not surprising after 25 years at it.
- 1 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 2 Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
- 5 Magna Carta will be 800 years old next year – the perfect reminder of the rights and freedoms we must hold dear
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
UK weather: Travel chaos continues as King's Cross train delays add to snow on roads
The Unluckiest People of the Year 2014 (and one very unlucky giraffe)
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
£25000 - £30000 per annum: Recruitment Genius: They are in need of a HR Manage...
£35000 - £40000 per annum + £65,000 OTE: h2 Recruit Ltd: London, Birmingham, M...