National Reconstruction Fund Corporation seeks new CEO after Power departs due to ill health

The National Reconstruction Fund Corporation announced the departure of its founding CEO Ivan Power before the weekend, citing health problems.

In a brief statement, the NRFC said Power had suffered several health challenges since he began his role this year and has been on extended leave since late-May.

NRFC chair Martijn Wilder thanked Power, adding that the departing CEO “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.

“… [he] 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.”

Chief Operating Officer Rebecca Manen will continue as acting CEO, the NRFC said, while its board looks for Power’s replacement.

The NRFC is charged with making investment decisions in companies from seven priority areas identified by the federal government, though acting independently of it. It is modelled on the Clean Energy Finance Corporation.

The board was appointed by industry minister Ed Husic in August last year, with a search for a CEO announced in October. Power was appointed in February.

Prior to this, he had a 20-year career at Macquarie Group and has worked with early-stage Australian companies since 2019.

Picture: Ivan Power (credit NRFC)

Further reading

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