Theo Paphitis was replaced by Hilary Devey when he left the regular Dragon's Den panel.
Paphitis was one of the programme's best-known investors before departing the regular line-up. Hilary Devey then joined the panel, bringing experience from the transport and logistics sector. Her appointment created another change in the show's evolving group of Dragons.
Devey was the founder and chief executive of Pall-Ex, a palletised freight network. That background gave her a different commercial specialism from Paphitis, whose public business identity was strongly associated with retail. The panel therefore changed not only in personality but also in the kinds of business experience represented.
Dragon's Den has frequently refreshed its investor line-up, so viewers can easily mix up the sequence of departures and arrivals. This question concerns Paphitis's replacement specifically, rather than later changes involving other Dragons. Devey's time on the programme was comparatively brief, but she remains an important member of its succession history.