Development bank appoints new chief executive

MARK Clough is the new top boss for Fiji Development Bank.

The appointment was made known recently as part of the bank’s new strategic direction driven towards innovative, inclusive development and climate financing solutions for all Fijians.

Mr Clough, who is an experienced industry practitioner in corporate, structured and project finance, assumes FDB’s chief executive position which had been vacant since March of this year.

The new CEO is an investment and financial services professional with more than 25 years of experience as an adviser to governments, senior executive of large international institutions and board.

In announcing the appointment, FDB board chairman Robert Lyon said the appointment was “most timely” for the bank with its new three-year strategic plan that commenced this financial year.

“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 Lyon said.

According to Mr Lyon, Mr Clough is an active committee member for non-profits on primarily social infrastructure, real estate development and investment, and renewable energy transactions.

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

“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.”

Holding a degree in mathematics and statistics and post-graduate qualifications in finance, actuarial science and governance, Mr Clough has also held leadership roles at Baulderstone/Lend Lease, ANZ Investment Bank, Challenger Financial Group as well as his own consulting firm.

Mr Clough replaces Ratu Deve Toganivalu, who retired earlier this year after serving as FDB’s second longest serving CEO.

The position was carried forward through acting appointments by general managers finance and administration, Saiyad Hussain, and business risk services Nafitalai Cakacaka.

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