Philip Yea, is to succeed Brian Larcombe as chief executive of 3i, the listed private equity firm. Yea, who recently turned down the same post at British Land, the UK's largest listed property company, will take over after the July annual general meeting, when Larcombe steps down.

Yea, an former finance director of Diageo, the UK drinks group, is currently managing director at Investcorp, another private equity firm. His other directorships include non-executive posts at HBOS, the UK bank and Manchester United, the football club.