Huntsman Gay Said to Eliminate Administrative Staff Amid Cuts
Huntsman Gay Global Capital LLC, a private-equity firm focused on mid-sized companies, has eliminated some positions among its administrative staff, according to a person familiar with the matter.
The layoffs at the Palo Alto, California-based firm include Donald Miller, the head of the firm’s portfolio group; Judy Frodigh, chief administrative officer; and Ben Thorndike, head of investor relations, said the person, who asked not to be identified because the cuts haven’t been publicly announced. Both Frodigh and Thorndike worked in the firm’s office in Foxborough, Massachusetts, which will be closed.
The changes follow the departure earlier this year of Robert Gay, co-founder of the firm, who left for a full-time position with the Church of Jesus Christ of Latter-day Saints. He co-founded the firm in 2007 with Jon Huntsman, father of former presidential candidate Jon Huntsman Jr. and chairman of chemical maker Huntsman Corp. (HUN)
Huntsman Gay raised its first fund in 2009 with $1.1 billion. It has no plans to raise money this year, the person said.
A spokesman for Huntsman Gay declined to comment on the cuts. E-mails to Miller, Thorndike and Frodigh weren’t immediately returned.
Fortune Magazine reported on the organizational changes earlier today.
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