The founding CEO of the National Reconstruction Fund Corporation (NRFC), Ivan Power, has resigned due to health reasons, after less than a year in the role. The news came just shy of the corporation's first birthday, with an investment yet to be made.
NRFC chair, Martijn Wilder, said Power had faced “several health challenges” since he was appointed in February.
“Mr Power has been on extended leave since late May 2024. Mr Power is unable to fulfil his duties at the NRFC at this time and so regretfully the Board will seek a new permanent appointment for the role as CEO of the NRFC,” Wilder said.
Chief operating officer, Rebecca Manen, will continue as acting CEO while the board looks for a new CEO.
Wilder thanked Power for his contribution as the corporation’s founding CEO and wished him the best for his continued recovery.
“Mr Power brought energy, discipline and experience to our mission to grow Australian companies and skilled jobs, and we are disappointed he is unable to continue with the Corporation,” he said.
“Ms Manen will continue to run our team of experienced investment professionals to assess applications and opportunities to grow Australian businesses and industries.
“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,” Wilder said.
The government has faced criticism for the slow rollout of the National Reconstruction Fund, announced in 2022, legislated in 2023, and yet to make an investment.
In June, Manen told Senate Estimates the NRFC expected to announce initial investments and potential partnerships “in the coming months” but when pressed by Senator Matt Canavan couldn’t provide a specific timeframe.
According to Manen, at 31 May 2024, 218 investment proposals had been received by the corporation.
“We’re actively managing over 140 of those investment proposals. In addition, we’ve met with over 70 potential co-investment partners and are actively working with 30 of those, and we’ve met with over 300 interested stakeholders, presented at a range of events and visited almost all jurisdictions, with the exception of Tasmania, to talk to potential co-investors, potential project proponents, and state and territory governments et cetera to really understand the landscape and, as I said, to actively develop a pipeline of projects for consideration,” Manen said.
The NRFC turned one on 18 September.
