Search for an Independent Non-Executive Director for Daystar Power's Board
Daystar Power is a leading off-grid power service provider, offering hybrid power solutions to commercial and industrial (C&I) businesses in West Africa. In January 2021, Daystar Power secured a series B funding of $38 million led by the Investment Fund for Developing Countries (IFU) - the Danish Development Finance Institution (DFI). Following this announcement, IFU engaged Millar Cameron to search for an Independent NED to the Board of Daystar, to support specific Sustainable Development Goals related to this investment.
The Role
Non-Executive Director
Location: West Africa
Sector: Power
Services: Executive Search
ABOUT
The Investment Fund for Developing Countries (IFU) is the Danish Development Finance Institution (DFI) and an impact investor contributing to a green, just, and inclusive economy as well as supporting the UN’s Sustainable Development Goals. IFU provides risk capital to companies operating in developing countries across Africa, Asia, Latin America, and parts of Europe.
In January 2021, IFU led a consortium that invested $38 million (series b funding) in Daystar Power - a leading off-grid power service provider, offering hybrid power solutions to commercial and industrial (C&I) businesses in West Africa. IFU was joined by new investors STOA, a French impact infrastructure fund, Proparco, and Morgan Stanley Investment Management. With their investment, IFU had the option to appoint two Non-Executive Directors (NEDs) to Daystar Power’s Board.
THE CHALLENGE
IFU selected Millar Cameron to deliver a 50:50 gender-balanced shortlist of individuals with an impressive track record of international P&L leadership and operational excellence. IFU were also seeking individuals who could bring to bear independent judgement on issues of strategy, governance and risk management, operational performance, cross-sector and cross-border insights, and standards of conduct.
IFU had led a major round into a distributed solar company operating in West Africa. The company is on a very sharp growth curve and requires leadership and guidance from its board. IFU had a mandate to nominate two board members as part of its investments and decided to go for an external, Non-Executive Director. We selected Millar Cameron due to a combination of reputation and relationship. The process of working with Millar Cameron was overall very professional, the communication was fluent and the consultants on the case were always very responsive.
OUR APPROACH
As an early-stage, growth business, it was imperative for Millar Cameron to fully understand and articulate the success-to-date and future potential of the business to prospective candidates. Millar Cameron was able to utilise its senior level networks in more mature sectors, including Telecoms and FMCG, to identify ‘A players’ who would be attracted to joining the Board of this rapidly growing business in an exciting but nascent sector.
THE OUTCOME
In six weeks, Millar Cameron delivered a 50:50 gender-balanced shortlist of outstanding candidates representing a spectrum of sector experience both internationally and across West Africa. Originally tasked with the appointment of one NED, the IFU consortium was impressed by the strength of the shortlist and decided to appoint two candidates to the board. The NEDs are already adding value, support and insights to the Daystar Power Board and its Senior Leadership Team.
One particular challenge we set Millar Cameron, was to provide a gender-diverse list of candidates as part of the recruitment - this is not an easy field in a rather technical area in Africa. We were very happy about the overall process and believe we ended up with a very strong candidate who is providing great additionality to the board, in terms of experience and also in terms of style and personality. I would be extremely happy to work with Millar Cameron again.
Get in touch with Millar Cameron
If you would like to find out more about our specific expertise, or talk to a member of our team about your next senior hire, please contact us. We look forward to speaking with you.
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