Just one week after the Social Investment Taskforce members were revealed, which include the current Big Society Capital (BSC) Chair, Sir Ronald Cohen, BSC announced that Harvey McGrath will assume position of the Chair on January 1, 2014.
McGrath is the former Chairman of Prudential (2009-2012) and Man Group (2000-2007) and will succeed Cohen, who has been slated to serve as Chair until BSC was fully operational.
Following a failed takeover bid in 2010 that left Prudential with a £377 million bill in costs and fees, shareholders voted against McGrath’s re-appointment, although he had no intention of stepping down.
“I have been closely involved for ten years with social impact investment,” said McGrath. “I am excited to have this opportunity to contribute to Big Society Capital’s leadership in driving entrepreneurship and innovation in tackling social issues.”
Cohen said, “[McGrath] has extensive philanthropic and investment experience and is a firm believer in impact investment. After handing over the Chairmanship on 1st January 2014, I much look forward to working with him and the rest of the Board. Big Society Capital has developed into a powerful force driving social improvement in the UK and I have been privileged to be its founding Chair”.
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