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Hands steps out of CEO role at Terra Firma
By CMU Editorial | Published on Wednesday 18 March 2009
Who’d have thought we’d end up reporting on executive changes in the private equity sector here in CMU? But yes, Guy Hands has stepped down as Chief Executive Officer of Terra Firma, the private equity firm best known round here, and probably overall, as the owners of EMI. He isn’t leaving the equity outfit he co-founded though. He’ll become Group Chairman and Chief Investment Officer, while his board colleague Tim Pryce, currently the firm’s legal man, will become CEO.
I’m never sure what job titles like this mean in the investment sector, but I’m guessing that the move means Hands wants to spend more of his time talking to and possibly placating the people whose money Terra Firma is spending than overseeing the day to day affairs of the equity company and the companies it in turn owns. Given that the value of Terra Firma’s overall assets has slumped, mainly because of its EMI purchase, it would make sense that Hands’ top priority in the short term is keeping his investors sweet, which will seemingly be his main role in the CIO job.
Confirming the job change, Hands said in a statement: “Terra Firma has grown significantly since its creation in 2002. Over this period, staff numbers have increased from approximately 60 to over 110 people and assets under management have grown from 2 billion euros to 11 billion euros. 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”.
