25 September 2014

CDC appoints three new Non-Executive Directors

CDC Group plc, the UK’s development finance institution, has today announced the appointment of Michele Giddens, Wim Borgdorff and Keki Mistry as new Non-Executive Directors.  They join CDC following the departure of Fields Wicker-Muirin and Jeremy Sillem who have stepped down after a number of years of service. Fields Wicker-Muirin left CDC’s board in May 2014 and Jeremy Sillem will do so in December.

Michele Giddens is the Founding Partner of Bridges Ventures, a specialist fund manager focused on impact investing in the UK. She has over 15 years of international development and social finance experience. Prior to Bridges she was the Managing Director of Shorebank Advisory Services which specialised in small business and microfinance advice, primarily in emerging markets, and previously she was at the International Finance Corporation. Michele has a BA Honours in politics, philosophy & economics from Oxford University and an MBA from Georgetown University, Washington, DC.  Michele will join the Board in December.

Wim Borgdorff is a highly experienced Fund of Funds investors in US, European and emerging markets.  He co-founded, and from 2010 to 2013 was Head of Fund Investments at AlpInvest Partners, which has EUR37 billion of investments under management. He is currently a senior advisor to the firm and a member of the investment committee. Before AlpInvest, Wim founded ABP Investments’ alternative investments unit. Previously, he was an MD at ING Real Estate. Wim received an MSc cum laude from Delft University of Technology and an MBA from Erasmus University Rotterdam.

Keki Mistry is the Vice-Chairman and CEO of Housing Development Finance Corporation in India.  HDFC has been a pioneer in the housing finance industry over the last 25 years and has helped provide thousands of Indians with financial assistance to own a home.  Earlier in his career Keki was seconded to CDC to help evaluate the operations of mortgage financial institutions in Asia. He holds a number of directorships in India, including Sun Pharmaceutical Industries Ltd., HCL Technologies Ltd. and Torrent Power Ltd.

CDC Chairman, Graham Wrigley, welcomed the appointments:

“I am delighted that this world class group of individuals has chosen to join CDC’s non-executive team. Wim, Keki and Michele bring years of investment experience and skills which will complement our board. CDC plays a vital role in supporting private sector development in some of the world’s poorest countries and I know that all three were attracted to the role because of our desire to make commercially successful investments with the highest possible development impact. They will play a key role in helping CDC build upon the progress we’ve made since launching our new strategy in 2012.

”I would also like to thank Fields Wicker-Muirin and Jeremy Sillem who have given years of dedicated service to CDC, during a period of significant change for the organisation. Their knowledge, enthusiasm and hands-on experience have been invaluable. Fields has been a champion of the Development Committee since its creation and Jeremy was one of the key architects of CDC’s new strategy. We are extremely grateful to them both.”

The strengthening of CDC’s Board will continue with the recruitment process for an additional, DFID-appointed Non-Executive Director beginning in late September.

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