3i’s chief executive, Brian Larcombe will retire from 3i at the next annual general meeting on 7 July. Larcombe has been CEO since July 1997 and was finance director when 3i floated in 1994. The announcement follows reports that the firm is struggling to raise funds from outside investors for its E3bn buyout fund.
The firm is already on the look out for Larcombe’s successor. The board believes there are strong internal candidates, but is also looking outside the company to ensure the best possible appointment is made.
Larcombe said: “The venture capital and private equity markets have evolved considerably over the past decade, and 3i has changed with them. It is not only a different business from seven years ago, but a stronger and better business. We have seen both good and difficult times over this period, but I am pleased that I will be leaving the company in excellent health. I have every confidence that 3i has the people, the model and the network that will ensure its success as one of the few truly global businesses in our sector.”