Why Jon Moulton Quit, In His Own Colorful Words

Jon Moulton today stepped down as head of Alchemy Partners, a UK-based private equity firm he founded in 1997. But he is not going away quietly.

Rather than officially say that everything was “amicable,” Moulton penned a letter absolutely savaging his apparent successor and Alchemy’s move toward a financial services focus. He writes that he had no intention of retiring shy of his 60th birthday (Moulton is 57), but that he saw no other viable option.

Moulton writes that he owes investors a number of apologies, including “too many investment and people errors.” One of those errors is apparently Dominic Slade, who is expected to climb into the Alchemy throne. Not only does Moulton specifically recommend that Slade not be promoted, but he adds that there “have been continuing concerns about [Slade’s] performance.”

peHUB has obtained a copy of the full letter, which you can read below: