Guy Hands' private equity firm, Terra Firma, has announced its chief executive is planning to step down.
In a statement today, Terra Firma, which has stakes in Odeon and Wyevale Garden Centres, said Tim Pryce will relinquish his role as chief executive after seven years - although he will remain as managing director of the firm and a member of its senior management team, and will continue to serve on the board of the general partner of each of its funds.
It's understood Pryce has been considering stepping back from the role for some time. Investors were told of the move yesterday.
The company said it had begun the process of hiring a new chief executive - but added that Hands will take on the responsibilities on an interim basis, in addition to his duties as chief investment officer and chairman.
“I would like to thank Tim for his stewardship of the firm over the past seven years, and I look forward to continuing to work with him in his new capacity," said Hands
"Terra Firma is focused on recruiting for a number of senior roles in the business, building on the arrival of Justin King as deputy chairman and head of portfolio businesses."