Former CC boss Cornell steps down from Terra Firma role

Former Clifford Chance managing partner Peter Cornell is to stand down from his position as chair of Terra Firma’s advisory committee.

He will continue to work for the private equity house on investor relations, although his exact job title is yet to be finalised.

Cornell joined Terra Firma as a managing director with responsibility for stakeholder relations in 2007, five months after leaving the magic circle firm. He was managing partner of Clifford Chance from 2002 until 2006.

The private equity house is expected to raise new funds later this year. It suffered record losses of £1.7bn when it surrendered its stake in EMI as the music group went into administration (1 February 2011).