3i chairman Montague to step down

Sir Adrian Montague, who has accepted the chair at Aviva, will be replaced by Simon Thompson

Sir Adrian Montague is stepping down from his role as non-executive chairman of the board at 3i Group following his acceptance of the non-executive chairman role at UK insurer Aviva, the London-listed group said in a statement.

3i has appointed Simon Thompson to take over the position when Montague steps down at the close of the group’s 2015 AGM, which is set to be convened for 25 June 2015. Thompson, who is currently chairman of oil and gas company Tullow Oil and a non-executive director at British-Australian mining corporation Rio Tinto, has also been appointed a non-executive director with immediate effect. Jonathan Asquith, non-executive director and senior independent director, has been appointed deputy chairman.

Montague is stepping down to concentrate on his other appointments, including his role at Aviva, which he will take over on the retirement of John McFarlane this month.
“I am sorry to be stepping down from 3i at this exciting time because of my other responsibilities,” Montague said in a statement, adding that he is confident he’s “leaving the company in very good hands.”

Montague became chairman in July 2010, succeeding Baroness Hogg, who became chairman of the financial reporting council. Montague held a number of chair positions before joining 3i, including at Friends Provident, British Energy Group, and Cross London Rail Links. His non-executive chairman roles include Michael Page International, CellMark and Anglian Water Group.

3i recently lost director Anthony O’Carroll, who joined Strategic Value Partners, an alternative investment firm that specialises in distressed opportunities, as an operating director in March 2015, PEI reported earlier. O’Carroll spent three years at the London-listed group, before which he was a non-executive director at MKB Building Supplies.