Michael Queen, who was four and a half years ago passed over in 3i Group’s quest to appoint a chief executive, has today replaced Philip Yea, the person who beat him to the top post.

Queen, a 3i veteran, was one of the internal favourites to take on the chief executive role in July 2004, when he was the finance director (1997-2005). Instead the firm opted for an external appointment to replace Brian Larcombe as the buyout company's chief executive by appointing Yea.