Sir Ronald Cohen plans to step down as chairman of Big Society Capital at the end of this year, but intends to remain on its board.

He became the interim chair when the organisation officially launched in July 2011, with the intention of stepping down once it was fully established. Along with BSC’s chief executive, Nick O’Donohoe, he drew up the initial proposal for the organisation.

Sir Ronald said: “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 on 1 January 2014.  I will remain involved in guiding Big Society Capital in the future.”

O'Donohoe added:“Since the idea of a Social Investment Bank was first proposed by the Social Investment Task Force chaired by Sir Ronald in 2000, he has been the visionary leading the way for the establishment of Big Society Capital as the first such organisation of its type in the world, here in the UK."