Terra Firma boss Guy Hands is stepping down from his job of CEO of the company that owns EMI Records.
Hands is handing over the everyday running of the troubled company to Tim Pryce, the companies Chief Investment Officer.In a statement, Hands says "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."
Terra Firma has been the textbook example of how a record company should not run. It took over the business of EMI in 2007 for $US3.3 billion and in less than 2 years had to write-off half of that value.
Under Terra Firma, artists bailed out of EMI. The company lost Radiohead, Rolling Stones, Paul McCartney and worldwide artists like The Living End and Silverchair. It still has Coldplay.
Hands will focus on the running of the company's private investments.
