Tim Pryce will step down as CEO of Terra Firma Capital Partners at the end of the month, but will remain a managing director and member of the senior management team, said a news release Friday.
Mr. Pryce will also remain on the board of the general partner of each of the private equity firm's strategies.
A source with knowledge of the situation said Mr. Pryce's decision to step down related to lifestyle reasons.
Terra Firma has already launched a process to appoint a new CEO. Until a replacement is found, Guy Hands, chairman and chief investment officer, will take on the CEO responsibilities on an interim basis.
The source also said the search is for an external candidate.
In the release, the firm said it promoted Trudy Cooke to chief operating officer, and Dominic Spiri to chief financial officer last year in preparation for the CEO change, “ensuring that we continue to have a strong team in place to lead day-to-day operations.”
Mr. Hands said in the statement: “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. 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.”
Terra Firma has invested more than €13 billion ($14.5 billion) since its launch in 1994.