UK buyouts firm Terra Firma, whichrecently wrote down two of its investments by €1.365bn and handed back €80m of performance fees to investors, has announced that founder Guy Hands is to surrender his day-to-day control of the business.
Hands, who established Terra Firma seven years ago, will be responsible for focusing on investments and relations with investors. Under his new role he will become group chairman and chief investment officer, with Tim Pryce, a former colleague at Nomura, stepping up to the role of chief executive.
Pryce is a founding member of Terra Firma and is a member of the firm’s investment advisory and remuneration committees.
“As chief executive, Tim will be responsible for Terra Firma’s day to day operations while I will concentrate on investments, investors and developing the business internationally,” says Hands.
Under the stewardship of Hands, Terra Firm grew from €2bn to €11bn in less than a decade.