Appointment of three new Non-Executive Directors to the National Wealth Fund
Source: gov.uk (2025-10-02)

Experts in investment, risk management and local and central government have been appointed to the National Wealth Fund Board, as it moves into a new chapter.

Catherine Cripps, Tom Riordan, and Joseph Schull have been appointed as new Non-Executive Directors by the Chancellor Rachel Reeves as the National Wealth Fund focuses on scaling up delivery: increasing the capital it deploys, expanding into new sectors, and building stronger regional investment pipelines.

Over the past year, the National Wealth Fund (NWF) has been at the forefront of investing public money in the UK’s future, supporting the government’s mission to put more money into the pockets of working people through our Plan for Change. It is now set to move into a new chapter under the leadership of Oliver Holbourn (https://www.gov.uk/government/news/new-incoming-ceo-of-the-national-wealth-fund), who takes up the role of CEO on 1 November.

The National Wealth Fund Board (https://www.nationalwealthfund.org.uk/board-directors), chaired by Chris Grigg, has been central to the organisation’s progress to date, and the appointment of Catherine, Tom and Joseph will significantly add to its capabilities.

Chancellor of the Exchequer, Rachel Reeves said:

I would like to congratulate Catherine, Tom and Joseph on their appointments as Non-Executive Directors of the National Wealth Fund.

They bring exceptional track records to the NWF’s Board, spread across Investment, Risk Management and Local and Regional Government. Each of them will further strengthen an already capable and experienced Board as it supports our mission to boost economic growth and living standards through our Plan for Change.

Chair of the National Wealth Fund, Chris Grigg said:

I am delighted to welcome Catherine, Tom, and Joseph to the Board. Each brings vital expertise and perspective that will strengthen our ability to deliver on the NWF’s ambitious objectives, as we scale up our investment activity to support the government’s growth and clean power missions.

Catherine Cripps said:

It is a privilege to take up this role and support the NWF on its critical mission to drive growth and investment in the UK.

Tom Riordan said:

I’m delighted to be joining the team at the National Wealth Fund at such an exciting time and I’m looking forward to helping them deploy capital and create jobs that benefit the whole country.

Joseph Schull said:

I am delighted to join the NWF Board as it begins a new chapter and I look forward to supporting its mission to act as a catalyst for the growth of the UK’s digital businesses and green economy across the country.

Biographies

Catherine Cripps is a seasoned investment management professional, having held senior leadership roles at major institutions and smaller, entrepreneurial businesses. She has built a diverse board portfolio, serving on listed company boards, private equity backed businesses, government agencies and major international subsidiaries. Catherine currently Chairs Polar Capital Technology Trust plc and is a Non-Executive Director of Pool Re Insurance Company Ltd, Goldman Sachs International & Goldman Sachs International Bank

Tom Riordan brings extensive experience across central and local government. He began his career in government, subsequently serving as Chief Executive of a regional development agency. He later became Chief Executive of Leeds City Council, overseeing significant regeneration and public service transformation. Tom currently serves as Second Permanent Secretary at the Department for Health and Social Care and will undertake the NED role alongside this position.

Joseph Schull is Co-Founder and Managing Partner of private equity firm Corten Capital. Previously, Joseph was Head of Europe at Warburg Pincus and a member of the firm’s Executive Management Group, responsible for overseeing investments in multiple sectors, with a focus on technology. Joseph is an experienced board member, having served as both an investment director and a non-executive director. He brings over 25 years of investing and business building expertise as well as strategic insight to NWF’s Board.

More information

Catherine, Tom and Joseph have been appointed following an open and fair recruitment process.

A panel comprising Chris Grigg (Chair of the NWF Board), Elena Ciallie (Non-Executive Director and Director at UKGI) David Lunn (former Director at HM Treasury), and Stephen Peacock (Independent) oversaw the longlisting and shortlisting of candidates. The interviews were subsequently conducted by Chris Grigg, Elena Ciallie, and David Lunn, who made recommendations to the Chancellor, which informed her final decision.

Catherine, Tom, and Joseph have confirmed that they have not engaged in any political activity within the last five years.