Brian Larcombe to retire as Chief Executive of 3i

25 Mar 2004

3i Group plc announces that Brian Larcombe will retire as Chief Executive at the Annual General Meeting in July. Mr Larcombe has been CEO since July 1997 and was Finance Director when 3i floated in 1994.

A search process is already underway to help identify Mr Larcombe's successor. The Board believes that there are strong internal candidates, but is also looking outside the company to ensure the best possible appointment is made.

Baroness Hogg, 3i Chairman, said:

"Brian has made a tremendous contribution to 3i during his 30 years here, and in particular during his last 12 years on the Board. He has led the transformation of 3i from a largely UK focused business to Europe's leading venture capital company. He has focused the business on clear product, geographical and sector lines putting 3i in great shape and delivering strong performance. The Board and the staff hold him in the highest regard for his leadership."

Brian Larcombe said:

"The venture capital and private equity markets have evolved considerably over the past decade, and 3i has changed with them. It is not only a different business from seven years ago, but a stronger and better business. We have seen both good and difficult times over this period, but I am pleased that I will be leaving the company in excellent health. I have every confidence that 3i has the people, the model and the network that will ensure its success as one of the few truly global businesses in our sector."

Contacts:

3i Group plc
Patrick Dunne, Group Communications Director -  020 7975 3283

Maitland Consultancy
Philip Gawith -  020 7379 5151