Michael Queen will step down as CEO of private equity firm 3i once his successor is appointed, the company announced Thursday.
Mr. Queen, CEO since January 2009 and an employee at 3i since 1987, helped turn around the business since it was hurt by having too much leverage when the credit crisis hit in 2008, spokesman Patrick Dunne said.
“He's decided this is the right time” to move on; however, Mr. Queen does not have another job lined up, Mr. Dunne said. Efforts to reach Mr. Queen were unsuccessful.
The company hopes to name a successor in time for its annual general meeting in July.
Separately, the company announced new investments totaling £623 million ($992 million) for the 11 months ended Feb. 29, up 7.2% from the 11 months ended Feb. 28, 2010.
The company will report full fiscal year results for the year ending March 31 on May 17.