LONDON (CelebrityAccess MediaWire) — Private equity group Terra Firma announced that Chairman and Chief Executive Officer Guy Hands will be stepping down from his post to assume new duties as Chairman and Chief Investment Officer after a seven year stint. Tim Pryce will assume day-to-day responsibilities for operations at Terra Firma. 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 as well as Terra Firma's General Counsel.
Terra Firma bought out EMI in August of 2007 and since then, has shed many high profile artists, including the Rolling Stones and around $3.3B, roughly half of their initial investment which they are unlikely to recover. The label group has instituted deep cost cutting measures that included significant layoffs and become very 'selective' in signing new artists.
Still, Pryce was upbeat about his new post and stated "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." – CelebrityAccess Staff Writers