Georges Muller, a board director at 5E Holding who was drafted in to overhaul the Swiss-based beleaguered private equity firm, has left after just over a year.

Muller was supposed to stay for three years, but has resigned with immediate effect, as a "personal decision". He is also on the board of Private Equity Holding (PEH) and Swiss Life Private Equity Partners, and is chairman of Serona, a Swiss biotechnology company.