Guy Hands has stepped down as chairman and chief investment officer of Terra Firma after more than 20 years in the role.

The financier, 63, will continue to be involved in various of the private equity firm’s existing investments and is stepping back to focus more on his philanthropic work, a spokesperson said in an emailed statement.

Terra Firma will now be led by Chief Operating Officer Paul Hatter and Hands’ son Richard, who will be managing director responsible for residential investments and new deals.

Hands is one of the UK’s best-known financiers though he’s struggled to bounce back from an ill-fated investment in music publisher EMI Group Ltd., which was seized by lenders in 2011. More recently, he lost a court bid to block the UK government from unwinding a costly privatization deal tied to a military estate.

Read More: Hands’ Dream of Terra Firma Mega-Firm Ended With EMI Deal

Sky News reported the move earlier.