Guy Hands To Step Down As Terra Firma CEO
March 17, 2009 at 12:27 PM (PT)
GUY HANDS will step down as CEO of TERRA FIRMA CAPITAL PARTNERS LTD., two weeks after the leveraged buyout firm reported a 1.39 billion- euro ($1.8 billion) loss for 2008, reports BLOOMBERG NEWS. HANDS, 49, will remain Chairman/Chief Investment Officer, the LONDON-based firm said in a statement TODAY. TIM PRYCE, 43, the firm’s lawyer, will replace HANDS as CEO.
TERRA FIRMA posted the loss after writing down by half the value of its 2.6 billion-euro investment in EMI GROUP LTD., the U.K. record label the firm acquired in 2007. HANDS is trying to counteract a decline in EMI’s revenue as consumers download music from the Internet instead of buying CDs.
"Historically he has been a value creator," said SL CAPITAL PARTNERS LLP CEO DAVID CURRIE. "The jury’s out on the most recent deals."
HANDS said he will focus on investments, investors and developing the business internationally, while PRYCE will be responsible for TERRA FIRMA’s "day-to-day" operations. A spokesman for the firm declined to comment beyond the statement.