Graham Wrigley has been appointed as the new Chairman of CDC’s Board following a competitive process. He will take up the role in January 2014 and succeeds Richard Gillingwater who has been chairman since April 2010.
Graham Wrigley comes to CDC with extensive experience of investing in developing and developed markets. He had a 17 year career with the one of the world’s largest private equity firms, Permira, and has served as Chairman of Aureos, a major investor in small and medium sized enterprises in Africa, Asia and Latin America.
He has also been a Director of CASHPOR, a microfinance institution which targets the poorest people in India, and is an Associate Professor at INSEAD, one of the world’s leading business schools.
Announcing the appointment, International Development Secretary Justine Greening said:
“I am very pleased to announce that I have appointed Graham Wrigley as the new Chair of CDC. His considerable experience as a successful investor, helping small enterprises to grow into profitable businesses, and his demonstrated commitment to working in developing countries make him the ideal candidate to lead CDC in the implementation of its new strategy.”
“CDC's investment in promising businesses which can create jobs is crucial if we are to generate the growth developing countries need to escape poverty."
Graham Wrigley, CDC’s new Chairman said:
“I’m delighted to be joining CDC at such an exciting time for the organisation. The high calibre team at CDC is making enormous progress delivering the new strategy, which will create jobs and support the growth and building of businesses in some of the world’s poorest countries.”
“Investing successfully in challenging places as well as demonstrating the impact of these investments requires a long term horizon and enormous patience, so there is plenty more to do. I am looking forward to working alongside the Board and the executive team to fully realise the vision that has been agreed with DFID.”
Richard Gillingwater, CDC's outgoing Chairman, said:
“I’m delighted that Graham Wrigley will be the next Chairman. He is taking over at an exciting time, with a new strategy for CDC and a much invigorated leadership team. I wish him well.”
Graham Wrigley will join the Board, subject to formal approval from the FCA, in October 2013 as a non-executive director and will become Chairman at the start of 2014.
Graham Wrigley joins CDC as the organisation embarks on a new strategy that is focused on supporting the growth of businesses to help achieve significant job creation across Africa and South Asia.
Launched last year, CDC’s new strategy gave it the mission to support the building of businesses throughout Africa and South Asia to create jobs and make a lasting different to people’s lives in some of the world’s poorest places. CDC will work more flexibly and creatively to meet the need for capital by using a full range of investment approaches, including direct equity, debt and guarantees alongside its existing funds business.
CDC will also measure its impact over time, in particular how investments contribute to job creation. New investments will solely benefit businesses in Africa and South Asia, where over 70 per cent of the world’s poor live and where only 25 per cent of those of working age have formal jobs.
CDC is the UK government-owned development finance institution that uses its own balance sheet to invest in the developing countries of South Asia and Africa. It has net assets of £2.8bn. CDC’s mission is to support the building of businesses in the poorest countries, creating jobs and making a lasting difference to people’s lives in some of the world’s poorest places. Under its recent business strategy, announced in September 2012, CDC provides debt and direct investment to businesses as well as acting as a fund-of-funds investor. CDC also now only makes new investment commitments in Africa and South Asia. www.cdcgroup.com