Direct Capital founding director Bill Kermode is the inaugural CEO of the Next Foundation, established in March to carry out projects that make a positive impact on the environment and in education.

Kermode has spent 20 years at Director Capital, during which time the organisation invested more than $800 million in 60 private firms. Kermode was a director in several of the companies, which spanned biopharmaceuticals, aged care, online retailing, tech and manufacturing.

Next chairman Chris Liddell says Kermode brings a wealth of experience in working with partners on big projects.

“The CEO’s role is to help us develop and implement our strategy. Bill’s appointment is consistent with our vision of promoting excellence, and taking an aspirational but disciplined approach to delivering a philanthropic return.”

The foundation is supported by Northland philanthropists Neal and Annette Plowman and will spend $100 million in the next decade on environmental and education projects.

It expects to commit between $5 million and $15 million to these annually to between one and three projects.

Kermode starts his role on 1 July.