LONDON (Reuters) – British private equity house Terra Firma said on Tuesday founder Guy Hands is to relinquish his day-to-day control of the business to concentrate on investments and building relations with investors.
Hands, currently chairman and chief executive officer, will become group chairman and chief investment officer, with Tim Pryce stepping up to the role of chief executive.
“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,” said Hands in a statement.
Terra Firma said earlier this month it would be handing back some 80 million euros ($103.9 million) of performance fees after the firm wrote down the value of its assets by 1.37 billion euros.
“If our investors suffer, then it is only right that the Terra Firma team’s reward should suffer at the same time,” said Hands in a statement at the time.
Pryce is a founder member of Terra Firma, having worked with Hands previously at Japanese bank Nomura, and is a member of the group’s investment advisory and remuneration committees. He was also general counsel. ($1=.7697 Euro) (Reporting by Simon Meads; editing by Elaine Hardcastle)