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New 3i chief exec

3i Group has announced the appointment of Philip Yea as chief executive. He will succeed Brian Larcombe who is stepping down at the Annual General Meeting on July 7, 2004.

Yea is currently a managing director at Investcorp within its private equity business. He will take up the chief executive position soon after the 3i AGM in July upon completion of various projects at Investcorp.

Baroness Hogg, chairman of 3i, commented: “We are delighted to have attracted such a high calibre candidate to the job. Philip has an exceptional breadth of experience across industry, the City and private equity. 3i is a highly focused business with clear competitive advantage and Philip’s experience of major international businesses is a natural fit.”