THERE’S no let-up in the amount of change going on at 3i, the private equity group, that is still being shaken up by chief executive and former Greenhill investment banker Simon Borrows.
Yesterday it emerged that Denis Ribon, the global head of healthcare, has decided to leave to set up his own growth fund. Ribon will remain on the board of the French medical diagnostics group Labco until it is sold, suggesting he is leaving on amicable terms. However, he will leave the board of Quintiles, another 3i investment, and a couple of others where he is currently the 3i representative. Ribon’s departure follows that of David Whileman, who left the group in June as head of UK investments, and Tomas Ekman, who also left this year.
“This is all part of the refocusing of the business,” said a source close to the group yesterday. The numbers employed in the private equity group have come down from 116 to 55 in the past few months, the source added.