3i will appoint Baroness Hogg as chairman when Sir George Russell retires at the end of the year.
Baroness Hogg has been a non-executive on the 3i board for four years and has been deputy chairman since June 2000.
She has a wealth of experience in wide-ranging positions. She has worked as a journalist at The Economist, as a political advisor to John Major and is currently a governor of the BBC.
Hogg is also a director of GKN, the automotive and aerospace engineering company, Martin Currie Portfolio Investment Trust and P&O Cruises.
3i announced today that its profits had shrunk over the past financial year for the first time in ten years. The group had a negative return of £142m in the 2000-01 financial year, compared with profits of £1.58bn.