Industry shake-up continues

Following the mass movement of private equity firms shaking up their management structure, UK-based private equity firm Candover Investments has announced a series of management changes and Paris-based PAI Partners is expecting the departure of two of its most senior executives.

At Candover, Colin Buffin, who has been with the firm for nearly 25 years, will step down once talks over the future of Candover’s 2008 fund are completed. Marek Gumienny is also to become chairman of Candover Partners, the private equity subsidiary that makes all the firm’s investments.

As part of a separation of the two businesses, Malcolm Fallen will become CEO of Candover Investments, while Matthew Harrison becomes finance director, replacing Tian Tan.

Across the English Channel, Dominique Mégret has been replaced as chief executive by Lionel Zinsou at PAI. Mégret has spent 35 years at the firm and is staying on as chairman but has plans to retire in early 2010. Mégret, who is also chairman of PAI’s investment committee, will be replaced by Michel Paris, head of capital goods and services.

In further changes at PAI, Bertrand Meunier, a member of the executive committee who supervises the capital goods & services group, has also resigned. Ricardo de Serdio, head of PAI’s Spanish office, and Raffaele Vitale, head of Italy have also been added to the executive committee.