17 March 2009
Terra Firma To Separate Chairman and Chief Executive Role
Terra Firma, the leading private equity group, announces that after seven years as Chairman and Chief Executive Officer, Guy Hands is to become Group Chairman and Chief Investment Officer. In order to allow him to fully concentrate on this role, he will be handing over day to day responsibility for Terra Firma’s operations to Tim Pryce who becomes Chief Executive. This will enable Guy Hands to focus on Terra Firma's investments, investors and the strategic development of its business internationally. Tim Pryce was a founder member of Terra Firma, worked with Guy Hands at Nomura, and is a member of Terra Firma's investment advisory and remuneration committees. He was also General Counsel.
Guy Hands said:
"Having worked closely with Tim for nine years, I am delighted that he has agreed to take up this position. He will make an excellent CEO of Terra Firma. Tim has been an integral part of Terra Firma since its formation and has done an outstanding job in his previous roles at the firm. Terra Firma has grown significantly since its creation in 2002. Over this period, staff numbers have increased from approximately 60 to over 110 people, investor relationships have expanded from one UK party to over 200 relationships in 26 countries, and assets under management have grown from €2 billion to €11 billion while 80% of our portfolio businesses’ revenues are now from outside the UK. 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."
"I am delighted to take on this role. Guy has built one of the leading private equity groups in Europe in a very short space of time which now manages and invests money on behalf of institutions all over the world. I look forward to making sure that the organisation works optimally in supporting Terra Firma's global investment and fundraising activities and to continuing to work with Guy on developing the business."