Cinven CEO and CFO step down amid risk of ban over price gouging
Summarize this article with:
Cinven GroupAdd to myFTGet instant alerts for this topicManage your delivery channels hereRemove from myFTCinven CEO and CFO step down amid risk of ban over price gougingCMA considers whether to ask court to ban pair after firm was fined for NHS drug pricingCinven’s chief executive decided to step down because of the uncertainty created by the competition watchdog’s investigation © ReutersCinven CEO and CFO step down amid risk of ban over price gouging on x (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on facebook (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on linkedin (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on whatsapp (opens in a new window) Save Cinven CEO and CFO step down amid risk of ban over price gouging on x (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on facebook (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on linkedin (opens in a new window)Cinven CEO and CFO step down amid risk of ban over price gouging on whatsapp (opens in a new window) Save Alexandra Heal and Ivan LevingstonPublishedDecember 17 2025Jump to comments sectionPrint this pageUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The chief executive of Cinven has stepped down as UK regulators weigh asking a court to ban him over price-gouging by a drug company the private equity group owned.The firm, which manages €45bn in assets, confirmed the departure of Supraj Rajagopalan on Wednesday. He made the decision because of the uncertainty created by the competition watchdog’s investigation, people familiar with the matter said. Rajagopalan’s decision to exit marks the second leadership change in two years for Cinven, a firm that was historically known as a steady and reliable European buyout manager across 30 years of dealmaking.The Competition and Markets Authority is considering applying to the High Court to disqualify Rajagopalan as a director, the Financial Times reported in October, after the buyout group was fined £52mn for ratcheting up prices on drugs sold to the National Health Service.“To focus on combating these unjustified claims, I have decided to step down from my role with immediate effect,” Rajagopalan said in a statement. “I thank Cinven for their continuing support through this process”. He added he would continue to be an investor in the funds.Alex Leslie, the firm’s chief operating and financial officer — who also faces potential disqualification proceedings — is to step down too, Cinven said. One person familiar with the matter said both men were leaving the firm altogether.Both Rajagopalan and Leslie contest the allegations that have so far been put to them by the CMA and intend to contest any disqualification proceedings, the FT previously reported. There has been no recent update in the investigation, according to people familiar with the situation.Rajagopalan only became co-managing partner of the London-headquartered group last year, alongside Bruno Schick and Jorge Quemada, in a leadership change that took investors by surprise. Schick and Quemada would remain Cinven’s co-managing partners, Cinven said on Wednesday, with Schick overseeing the firm’s current portfolio and exit activities, and Quemada leading its new investments. The two would be jointly responsible for the strategic development of the firm in collaboration with its executive committee, Cinven said. It added that its former CFO, Mike Colato, would take on Leslie’s joint roles on an interim basis. “We thank Supraj and Alex for their dedication and valued contributions to Cinven, our people, portfolio and investors over the last two decades,” Schick and Quemada said in a statement. “We fully respect their decision to step down from the firm.”They added that since January last year, Cinven had returned about €12bn to its backers and invested more than €6bn. “These changes come at a time of strong momentum for Cinven,” they said. “We look forward to carrying this strong momentum into 2026 and beyond.”Cinven is expected to launch its next flagship fundraise as soon as next year, the FT previously reported.Leslie did not immediately respond to a request for comment. Reuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article Law Add to myFT UK companies Add to myFT Private equity Add to myFT Financials Add to myFT Financial & markets regulation Add to myFT Comments