Terra Firma has reshuffled its senior management team, promoting general counsel Trudy Cooke to chief operating officer and head of tax Dominic Spiri to chief financial officer.
Cooke joined the Guy Hands-led firm in 2004 as part of the legal, tax and structuring team; Spiri joined the team one year later.
The appointment of Spiri to CFO marks a departure from Hands’ earlier strategy of delegating CFO responsibilities to chief executive Tim Pryce. Pryce took on the duties after Chris Barnes stepped down as CFO earlier this year, ending a 13-year spell with the firm.
The moves come after the firm appointed Justin King, the former chief executive of J Sainsbury, as vice chairman and head of portfolio businesses. As part of the appointment, King will take a share in Terra Firma, which is currently wholly owned by Hands.
“We’re going to be extending the ownership of Terra Firma to certain senior people within the firm, and [King] will be one of those people who will get a percentage,” Hands told sister title Private Equity International, adding that there will eventually be between five and 10 shareholders.
The decision to share ownership is not part of a succession plan; rather, it is a move to take Terra Firma “to the next level,” Hands said. Both Hands and King declined to comment on the size of the share King will hold.
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