Big Society Capital chief executive Nick O'Donohoe to step down

O'Donohoe, who has led the social investment wholesaler since its inception, has announced he will leave by the end of the year

Nick O’Donohoe
Nick O’Donohoe

Nick O’Donohoe, the chief executive of Big Society Capital, has announced that he will step down by the end of the year.

O’Donohoe helped to produce the blueprint for establishing the government-backed social investment wholesaler in 2011 and became its chief executive when the organisation launched a year later.

The organisation was set up using unclaimed assets held in dormant bank accounts.

A spokesman for the BSC said that O’Donohoe had chosen to step aside following a year of continued progress and achievement. The spokesman said that O’Donohoe does not have another job to go to.

Earlier this month the BSC reported that it and its co-investors had made £255m worth of social investment capital available in 2014. In total, it has made £374m available to charities and social enterprises since 2012, and £136m has been drawn down by organisations.

Before joining BSC, O’Donohoe worked in the financial sector, mostly recently holding the post of global head of research at JP Morgan.

O’Donohoe said in a statement: "It has been a huge privilege to have helped to establish and to lead BSC. Today the organisation has a solid foundation and 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."

Rob Wilson, Minister for Civil Society, said in a statement: "Nick O'Donohoe has led BSC from its early development to its fourth year of operation. Thanks to Nick's strategic vision and consistent focus on effective implementation, BSC 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."

The BSC said it would start advertising for a new chief executive shortly.

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