The U.K.’s main development financing arm, CDC, has a new leader in Diana Noble, a former executive vice president of the Clinton Foundation Health Access Initiative.
In a report by the Guardian, CDC notes that Noble will receive a lower salary — up to a maximum of 290,000 pounds ($337,000) per year — as compared with her predecessor, Richard Laing, who used to average 500,000 pounds, including bonuses.
“This is in line with the mid-market remuneration for other public development finance institutions and very substantially below the going rate for private equity companies,” CDC says. “In fact, it has now been changed so that the CEO is benchmarked against development finance institutions, when previously it was private equity companies.”
The reduced salary is part of CDC’s new business plan, which was released in May.
>> Andrew Mitchell Explains New CDC Business Model
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