Theo Paphitis joined the Dragon's Den panel after Simon Woodroffe left the programme.
Woodroffe was part of the original five-Dragon lineup, but he departed after the first series. Theo Paphitis then became one of the investors in the programme's second series, bringing a background in retail, branding and business acquisition.
Paphitis became one of the show's most recognisable early Dragons. His business interests, including Ryman and Robert Dyas, gave him a retail perspective that complemented the technology, leisure and investment experience of other panel members.
Panel changes are a frequent source of confusion because Dragon's Den has had many investors across its long run. James Caan, Deborah Meaden and later Dragons each joined at different stages. The specific succession here is Woodroffe followed by Paphitis, not a later replacement from the programme's modern era.