Hands Off To EMI

Guy Hands will step down as chief exec of London-based buyout firm Terra Firma to focus on running its struggling acquisitions including EMI.

Hands, who’ll remain as chief investment officer and chairman of Terra Firma, will be replaced by Tim Pryce.

Hands created Terra Firma in 2002 and reportedly attended more than 400 internal meetings last year. Pryce – whom he’s worked with since their days at Japanese bank Nomura – will take up part of that administrative burden.

Pryce, who will assume the role of chief executive, is another founding member of Terra Firma and a member of the group’s investment advisory and remuneration committees as well as its general counsel.

“As chief executive, Tim will be responsible for Terra Firma’s day-to-day operations while I will concentrate on investments, investors and developing the business internationally,” Hands explained on Terra Firma’s Web site.