Providence Equity Partners managing director Julie Richardson has stepped down from the role to become a senior advisor at the private equity firm.
The buyout house has already updated its website to swap Richardson out of the ‘managing directors’ section, where she has been present since joining the firm in 2003.
Richardson was previously vice chairman of JP Morgan’s investment banking division and chairman of the firm’s telecommunications, media and technology group.
Prior to that role she was a managing director at Merrill Lynch.
A statement from Providence emailed to the New York Times said, “Julie has been a valued partner at Providence.
“We respect her decision to transition from full-time partner to senior adviser to focus on her family and other interests.”
Richardson’s decision comes a week after Providence confirmed the sale of its 10 per cent stake in online TV service Hulu.
The exit was widely reported as valuing the company at about $2bn, making the stake worth double the $100m Providence paid for it exactly five years ago.
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