Big Society Capital has appointed Cliff Prior as chief executive, taking over from Nick O'Donohoe who is joining the Bill and Melinda Gates Foundation.

Prior (pictured), who is set to join Big Society Capital in March 2016, replaces current chief executive Nick O’Donohoe who has been involved with the organisation since the government requested his advice in establishing it in 2010.

O’Donohoe announced that he would be leaving the organisation in March 2015 and will take up a new senior advisory role with the Bill and Melinda Gates Foundation in January.

Prior’s career spans across the charity, social enterprise and community sectors. Most recently Prior was chief executive of UnLtd, a foundation for social entrepreneurs, for nine years. Prior was also chief executive for mental health charity Rethink.

In the intervening months between O’Donohoe’s departure in December and Prior’s joining the organisation in March 2016, Keith Starling head of portfolio management at Big Society Capital will act as interim chief executive.

On his appointment, Cliff Prior said: “Nick and the team have done a truly excellent job in building Big Society Capital, developing the intermediary sector, finding the social themes where investment can add value and getting funds committed for social benefit.

“It's a real privilege to have the opportunity to use that capacity to accelerate the next stage in the journey: working with charities and social enterprises to find the areas where social investment can really make the difference, strengthening their work and achieving the social impact we all want to see.”

During O’Donohoe’s tenure as chief executive, £136m has been drawn down by charities and social enterprises from Big Society Capital and its co-investors. He has also been heavily involved in the development of a new social investment tax relief for individual investors in charities and other asset-locked bodies.

O'Donohoe to join Bill and Melinda Gates Foundation

From January O'Donohoe will be the Bill and Melinda Gates Foundation's first senior adviser for blended finance and will be based in the charity’s London office.

Joe Cerrell, managing director, global policy and advocacy at the Bill and Melinda Gates Foundation, said: “Innovative finance models offer huge opportunities to improve the lives of the world’s poorest people and Nick’s experience and achievements leading the world’s first social investment institution of its kind will help deepen our engagement in this area.”

O’Donohoe added: “The Gates Foundation has been at the centre of innovative financing for development for more than a decade, helping to establish two of the most successful examples – the Global Fund to fight AIDS, TB and Malaria and Gavi, the Vaccine Alliance.

“It is uniquely positioned to continue to develop innovative ways of investing philanthropic capital and I look forward to doing what I can to help catalyse investment to improve health and economic opportunities for the world’s poorest.”