International private equity firm 3i has appointed Cressida Hogg as managing partner for infrastructure in succession to Michael Queen, who has been appointed the group’s chief executiv
International private equity firm 3i has appointed Cressida Hogg as managing partner for infrastructure in succession to Michael Queen, who has been appointed the group’s chief executive following the abrupt departure of Philip Yea after four-and-a-half years in the post.
Queen (pictured) has been managing partner of 3i’s infrastructure business line since 2007, having previously run 3i’s growth capital business. From 1997 to 2005, he was finance director of 3i Group, and he has been on the group’s board since 1997. He is a past chairman of the British Private Equity and Venture Capital Association.
Hogg joined 3i in 1995 and worked in the UK growth capital and buyouts businesses, before being appointed head of the infrastructure investment team when it was established in 2005. As the team’s senior partner and chief investment officer, she has been involved in every infrastructure transaction made by the team and advised on all transactions made by 3i Infrastructure plc following its initial public offering on the London Stock Exchange in 2007.
Through its investment in 3i Infrastructure, the firm is looking to build its exposure to a portfolio of high quality infrastructure assets that is diversified across the different stages of the asset life cycle and with a balanced risk profile within the sector.
‘Cressida is a joint founder of the infrastructure business and has worked tirelessly to build the strong business we have today,’ Queen says. She is a clear and natural successor who will ensure continuity as the business grows.’
Baroness (Sarah) Hogg, 3i’s chairman, who is no relation to Cressida, says of the change of chief executive: ‘Philip Yea has led significant change at 3i, developing the business model, growing assets under management and internationalising the business. But after nearly five years running the business, Phil is stepping down to assist the transition to the next generation of leadership.
‘Michael Queen’s stewardship of growth capital, his success in launching our infrastructure business and deep experience of seeing 3i through several challenging cycles in the industry make him a natural successor to Philip Yea. He has an excellent understanding of private equity and is widely respected across the company, industry and investment community.’
Adds Queen: ‘These are tough markets and the macro economic environment is clearly challenging, but 3i is an outstanding business with the brand, people and the financial strength to weather current difficulties and strengthen its position in the market, globally.’
Yea’s resignation came as 3i announced that its big holdings had fallen 21 percent in value in the last quarter of 2008. The company’s share price fell 27 per cent to a record low of 210p on January 29 as investors feared that it might be forced to boosts its financial position through a rights issue or by selling assets cheaply. 3i’s shares have plummeted in value from 602.5p in early November.
