Sir Ronald Cohen, founding chair of the social lender Big Society Capital, will step down at the end of this year.
Cohen, a private equity multi-millionaire, was the chair of the Social Investment Task Force, which in 2000 first proposed the idea of a social investment wholesale bank. He also led the Commission on Unclaimed Assets, which in 2006 suggested the bank be funded with money from dormant bank accounts.
He was asked by the coalition government to lead the process of designing the new lender, alongside its first chief executive, Nick O’Donohoe.
In a statement issued today, Big Society Capital said Cohen had always made it clear he intended to step down from the role once the lender had become fully operational.
The statement said this phase would be completed by the end of 2013 and a new chair was expected to be appointed to take up the post on 1 January 2014. Cohen will remain as a director.
"As Big Society Capital approaches its first birthday, with an impressive team and a number of innovative investments under its belt, now is the appropriate time to plan for the recruitment of a chair that can take the baton," Cohen said. "I will remain involved in guiding Big Society Capital in the future."