It was announced last week that Diana Noble, who has been CDC Group’s Chief Executive Officer since 2011, is planning to step down from the role in 2017. The UK development finance institution’s board will begin the search for her replacement shortly while she will remain in place until later next year to support the transition to the new CEO.
“We all feel privileged to have had Diana at the helm for the last five years” said Graham Wrigley, the Chair of CDC’s board. “Diana has transformed the scale and breadth of our organization and today CDC is a well-respected institution. The fact that last year CDC received its first new capital from its shareholder, DFID, in twenty years is evidence of the energy and passion that Diana has put into realizing CDC’s mission to invest in businesses to create jobs in some of the poorest parts of the world.”
Noble joined CDC from the Clinton Health Initiative where she performed a number of roles including acting as EVP of Operations and overseeing the scale-up of a global program to give children equal access to HIV/AIDS care and treatment to that available to adults. Prior to that, she had been a Partner at Schroder Ventures and had founded two investment firms, e-Ventures and Reed Elsevier Ventures.
During her six-year tenure, CDC has expanded from being solely a fund-of-funds investor to being a provider of direct equity and debt to businesses. Today, the DFI only makes investments in Africa and South Asia, disbursing 66% of its investments to the most challenging countries in those regions. In mid-2015, in its first capital injection in CDC in the last twenty years, the UK’s Department for International Development announced it was committing an extra £735 million to CDC over the next three years.
“I joined CDC because of the opportunity to reposition an important UK institution as an impactful, distinctive, enduring provider of long term capital in some of the poorest countries of the world,” said Noble. “With the extraordinary team we’ve built and the support of DFID, our shareholder, CDC is achieving what I set out to do and next year is a natural time to pass this wonderful and inspiring role to the right person for the next stage.”