Nick O’Donohoe, the chief executive of Big Society Capital, has today announced that he will be leaving the social investment wholesaler by the end of the year.
O’Donohoe has been involved with the organisation since the government requested his advice in establishing it in 2010.
O’Donohoe is reported not to have any immediate plans after he leaves Big Society, but said that he felt the time was right to leave the organisation after five years at its head.
“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," he said in a statement released today.
“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.”
During his tenure, £136m has been drawn down by charities and social enterprises from Big Society Capital and its co-investors. He has also been heavily involved in the development of a new social investment tax relief for individual investors in charities and other asset-locked bodies.
But the period has also been characterised by a backlash against social investment, with some commentators saying there is too much hype, and that not enough money is being channelled to small social sector bodies.
Before joining Big Society Capital, O’Donohoe spent nearly 30 years working for financial instructions like Goldman Sachs and JP Morgan, where he was global head of research.
Rob Wilson, the minister for civil society, praised O’Donohoe's “consistent focus” and “strategic vision” in a statement.
"Nick O'Donohoe has led Big Society Capital from its early development to its fourth year of operation," he said. "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."
No date has been officially set for the announcement of O'Donohoe' replacement. The role will be advertised shortly.
