3i Group Plc, the buyout firm from Britain, is in the midst of carrying out a restructuring plan. It had confirmed last Tuesday that the head of the firm's UK private equity operations has resigned as well as the Nordic region private equity head.
The Financial Times had earlier reported that David Whileman, erstwhile partner and managing director for the firm for UK private equity operations had quit last week. He was also followed by Tomas Ekman, head of private equity operations for the Nordic region in the next few weeks.
According to a spokesperson for 3i, both resignations were confirmed as true and Ekman's exit is part of the restructuring program being undertaken. Whileman was said to be joining another UK fund focused on minority invesments.
Aside from these two, major job cuts are in the offing as it prunes its portfolio under CEO Simon Borrows restructuring plan. The plan is a result from the company's poor returns after it had heavy investments made at the peak of the buyout market in countries under financial crisis such as Britain and Spain.
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