Big Society Capital’s chief operating officer has just been announced as the incoming chief executive of the Esmée Fairbairn Foundation.

Caroline Mason comes with a pedigree in social investment. Before taking up the COO role at Big Society Capital, she held the same position at Charity Bank. Mason also co-founded social investment advisory firm Investing for Good.

Her social finance background will come in useful at Esmée Fairbairn Foundation, which has been one of the pioneers of social investment in the charity sector. The Foundation gives away around £30m in grants a year, but also invests part of its £806m endowment in projects which provide a social and financial return.

News of Mason’s appointment follows the departure of Dawn Austwick this month and the arrival of new chairman James Hughes-Hallett in June this year. Austwick, meanwhile, is moving to the Big Lottery Fund to take on the role of chief executive.

Mason will start later this year, though no date has been confirmed.

Hughes-Hallett said he was delighted with the appointment: “Her experience of working with civil society organisations and in particular developing the social investment market at Big Society Capital will be invaluable in helping the Foundation’s funding do more and reach those that need it most,” he said.