Today, Big Society Capital’s Chief Executive Nick O’Donohoe has announced his intention to pass the leadership of the organisation to a successor by the end of the year.
The announcement follows the launch of Big Society Capital’s latest Annual Report, showcasing a year of continued progress and achievement. Under Nick’s leadership, Big Society Capital, together with its co-investors, has made £374 million available to charities and social enterprises, with £136 million now drawn down.
Nick O’Donohoe said:
“It has been a huge privilege to have helped to establish and to lead Big Society Capital. Today the organisation has a solid foundation, an excellent staff and its work is helping to provide new and innovative sources of funding to charities and social enterprises around the country and helping to address a broad range of different social challenges. I will pass on the leadership of the organisation with every confidence that it will continue to develop and fulfil its mission of establishing a thriving social investment market in the UK.”
Harvey McGrath, Chair of Big Society Capital said:
“Nick’s leadership and enthusiasm has been the driving force for taking the vison of creating the world’s first social investment bank and making it a reality. He has established, and then led, a thriving organisation that is challenging and augmenting traditional investment models for charities and social enterprises. This is a major achievement of which he should be immensely proud. We very much hope he will continue to be involved in the ongoing development of the social investment market both in the UK and internationally.”
Rob Wilson, Minister for Civil Society said:
"Nick O'Donohoe has led Big Society Capital from its early development to its fourth year of operation. Thanks to Nick's strategic vision and consistent focus on effective
implementation, Big Society Capital is helping to generate positive social change throughout the UK. Nick's leadership has also helped to drive work that has made the UK the world leader in social investment. His championing activity has encouraged a diverse range of organisations and individuals to take part and benefit from this market."
In early 2011, Nick O’Donohoe and Sir Ronald Cohen jointly produced a blueprint for establishing a social investment bank to be funded by unclaimed dormant bank account assets. The Government endorsed the proposal and, after EU and UK regulatory approvals had been achieved, Big Society Capital was launched by the Prime Minister in April 2012. Since then, Big Society Capital has championed social investment: the idea of investing for a social as well as financial return.
The new Chief Executive of Big Society Capital will be identified through an open recruitment process, with the role advertised shortly.