UK - Guy Hands to step down as CEO of Terra Firma

Tim Pryce, a founding member of Terra Firma, will take on Hands' role as CEO. Both previously worked together at Nomura.

Hands gives up his role after seven years. He will retain his position as group chairman of the buyout house and also take up the role of chief investment officer.

The news comes just weeks after press reports claimed that Terra Firma's management company had purchased three interests in the firm's EUR 5.4bn latest fund, the value of which is said to have been written down substantially. Hands himself was also reported as having given up his £40m bonus as part of a wider move to give back to investors £70m of performance fees earned since 2004.

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