Terra Firma CEO Pryce steps down

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Terra Firma’s Tim Pryce has stepped down from his role as CEO after seven years at the helm of Guy Hands’ buyout outfit.

Pryce will remain at the firm as managing director and a member of the GP's senior management team, as well as retain his role on the boards of Terra Firma's funds.

The GP has begun the hunt for Pryce's successor and will be looking for an external candidate. Until the new CEO is appointed, Guy Hands will run the firm on an interim basis, in addition to his roles as chair and chief investment officer.

Pryce had been considering scaling back his role with the firm for a while, according to sources with knowledge of the matter, and Terra Firma's promotions of Trudy Cooke to COO and Dominic Spiri to CFO last year were partly in preparation for Pryce's decision.

In a statement, Hands thanked Pryce for his work as CEO and said the GP was looking for "creative, deal-focused and entrepreneurial individuals who are as passionate as we are about transforming businesses," to take up the vacant role left by Pryce.