CDC Group plc, the UK’s development finance institution, has announced that Richard Laing (pictured), Chief Executive, has advised the company of his intention to retire in early 2012.
Richard Gillingwater, CDC Group plc’s Chairman, says: “Richard has made a very significant contribution to CDC over his 11 years at the company, especially during the last seven years as Chief Executive. CDC’s development and financial success would not have happened without his passion and leadership. CDC is now a successful development institution and is a leader in private equity investment in the poorest countries, especially Africa and Asia. During his period as Chief Executive, CDC has generated £1.5 billion in profits without a penny from the taxpayer, creating even more capital to be reinvested into new projects.
“Following the outcome of the current DFID consultation into CDC and the implications for the organisation in the future, we will embark on a process to appoint a new Chief Executive.”
Richard Laing, CDC’s Chief Executive says: “I felt it appropriate to give the Board and the Shareholder sufficient notice of my plans to ensure a smooth transition to a new Chief Executive. I am proud to have contributed, as part of a team, to CDC’s successes. We have balanced commercial acumen with development needs, investing in pioneering products which benefit those countries and the people living there. It has been a fascinating time and an honour to have been Chief Executive of CDC for the last seven years.
“My plans for the future are to take on a number of carefully selected non-executive appointments.”
