The Fiji Development Bank (FDB) Board has appointed Mark Clough as the new chief executive officer effective from November 20, 2017.

FDB board chairperson Robert Lyon, said the appointment is most timely for the Bank.

“Mr Clough joins at a time when the Bank is setting on a new direction driven by its new three-year Strategic Plan that commenced this financial year,” he said.

“FDB has also made history as the first development bank in the South Pacific to become an accredited Direct (National) Access Entity of the Green Climate Fund (GCF).”

Mr Clough is an investment and financial services professional with over 25 years of experience as an advisor to governments, senior executive of large international institutions and Board and Committee member for non-profits on primarily social infrastructure, real estate development and investment, and renewable energy transactions.

“He brings extensive experience in addressing funding, strategic and governance priorities for projects, investments and businesses across a number of sectors. His work in Australia and across the Asia-Pacific will surely add value through his leadership role at the Bank,” said Mr. Lyon.

“Mr Clough is an experienced industry practitioner in corporate, structured and project finance and has held leadership roles at Baulderstone/Lend Lease, ANZ Investment Bank, Challenger Financial Group as well as his own consulting firm,” he said.

“His experiences positioned Mr. Clough strongly as the best fit for the CEO role,” said Mr. Lyon.

Mr Lyon said he will lead the bank in its new strategic direction of positioning the Bank as one that drives innovative and inclusive development and climate financing solutions for all Fijians.

Mr Clough holds a degree in Mathematics and Statistics, and Post-Graduate qualifications in Finance, Actuarial Science and Governance.

The position of the CEO became vacant following the retirement of FDB’s second longest serving CEO, Ratu Deve Toganivalu, in March 2017 after he had served as CEO for nine years in his total 29 years with the Bank.

The position was carried forward through acting appointments by General Managers (GMs) Finance and Administration Saiyad Hussain, and Business Risk Services Nafitalai Cakacaka.

“I take this opportunity to thank the two GMs for their dedication to the Bank during their acting appointments and welcome the new CEO to the development Bank,” said Mr Lyon.

Mr Clough will be FDB’s eighth CEO.