The London Collective Investment Vehicle (CIV) has chosen Mike O’Donnell as its new chief executive, beginning on 4 March.
Mr O’Donnell will join the Local Government Pension Scheme pool from his roles as associate director of local government at the Chartered Institute of Public Finance & Accountancy, and interim executive director for financial sustainability at Newham LBC.
He also spent 10 years as finance director at Camden LBC, and eight years as non-executive director and chair of the audit and risk committee at the London Pensions Fund Authority.
The appointment will see Mark Hyde-Harrison, interim chief executive at the pool since November 2017, leave at the end of March after a handover period.
Mr Hyde-Harrison’s difficult tenure coincided with an independent governance review from Willis Towers Watson, published in February 2018, which said the London CIV was in “an invidious position”, and that its stakeholders “seem to be growing increasingly disgruntled”.
“Against this background, [the London CIV] needs to be sufficiently resourced or it is surely set up to fail,” it concluded.
Commenting on the personnel change, London CIV chair Lord Kerslake expressed “immense gratitude” to Mr Hyde-Harrison for his work, which included creating the pool’s new governance framework and “clearer strategic framework”.
Mr O’Donnell said he was “excited” to be joining the pool. “Good progress has been made to date and I look forward to contributing to developing the model further and delivering further benefits for London boroughs,” he added.
Lord Kerslake added: “Mike is an experienced finance director who understands the needs of London CIV’s client shareholders well. We will benefit from his wider pension and fund management experience as a non-executive director at the London Pension Fund Authority.”