The inaugural chief executive of the National Reconstruction Fund Corporation, Ivan Power, has stepped down less than a year into the role.
His departure for health reasons has opened the door to a new leader before the body responsible for administering the federal government’s landmark $15 billion industry fund has announced its first investment.
Mr Power, a former Macquarie Group banker who has led the NRF Corporation since February, is unwell and has been on extended leave since late May.
In a statement quietly released on Thursday, NRF Corporation Chair Martijn Wilder said the Board had made the regretful decision to begin the search for a new permanent CEO.
“Mr Power is unable to fulfil his duties at the NRFC at this time and so regretfully the Board will week a new permanent appointment of the role of CEO of the NRFC,” Mr Wilder said.
Mr Wilder thanked Mr Power for bringing “energy, discipline and experience to our mission to grow Australian companies and skilled jobs” as the founding NRFC CEO despite experiencing “several health challenges”.
The move to replace Mr Power comes as the government faces criticism over slow progress with the National Reconstruction Fund, which was legislated in early 2023 but is yet to make a single investment.
A messy handover from the Industry department in September 2023 and the delay in appointing Mr Power are among the reasons for why the fund’s loans and equity investments are yet to flow.
The NRF Corporation, which will celebrate its first anniversary on September 18, had more than 300 investment proposals on hand at the end of July 2024 and that is likely to have grown since.
NRF Corporation chief operation officer Rebecca Manen, who has led the NRF Corporation in an acting capacity since May, will continue as acting CEO while a replacement is sought.
“Ms Manen will continue to run our team of experienced investment professionals to assess applications and opportunities to grow Australian businesses and industries,” Mr Wilder said.
“Together with newly appointed chief investment officer, Dr Mary Manning and a team of specialists in sectors the NRFC is mandated to invest in, we expect to be announcing our foundation investments shortly.”
Ms Manen faced questions at the most recent round of Senate Estimates about the NRF Corporation holding back-to-back ‘sham’ meetings to help it meet legislated requirements to meet six times in a calendar year.
More to come
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