Guy Hands Exits Daily Control Of Terra Firma

Guy Hands is handing the day to day control of Terra Firma over to Tim Pryce as CEO. Hands, who is currently both chairman and chief executive officer will become group chairman and chief investment officer.

"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," said Hands in a statement. In other words, Hands will concentrate on saving Terra Firma's battered portfolio including its largest single investment EMI. "Guy Hands-off still sounds less plausible than Guy Hands-on, whatever his title." says Financial Times analyst Andrew Hill.