PAI loses top duo

Continuing the trend of struggling private equity firms replacing their chief executives, two of the most senior members of PAI Partners have announced their departure from the group, following losses on the French firm’s investments.

Having spent the past 35 years with PAI, Dominique Mégret has been replaced as chief executive by Lionel Zinsou. Mégret is staying on as chairman but has plans to retire in early 2010.

The departure of Mégret is likely to make investors uneasy and will result in the firm facing a renegotiation of its new €5.4bn fund with investors.

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 to 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.