Private equity firms are all about applying pressure and shaking up boards of directors. Usually, however, they aren't on the receiving end.
3i Group is. The publicly-listed p.e. shop, which has been hounded by activist hedge fund Laxey Partners and others over its discounted share price, said it would add two non-executive directors to its board. The Sunday Telegraph reports that the additions are likely just the first step as chairman Adrian Montague seeks to appease restive shareholders.
"We have been looking over time to bring on new people," Montague told the Telegraph. "What I try to do is bring together a group of people who can intelligently aid the board." Montague said he was focusing on candidates with expertise in emerging markets.
Board members aren't the only new people Montague is looking for: 3i CEO Michael Queen two weeks ago said he would leave the firm as soon as his replacement is found.