CIRI creates Business Development Department

CIRI recently created a Business Development Department to focus on business investments and acquisitions that provide short-term and midterm positive cash flow and could lead to more consistent revenue streams. The department will also conduct due diligence with regard to new investments and monitor and mitigate risk company wide.

To meet these ambitious goals, CIRI is also adjusting the company’s executive structure to better reflect the company’s strategic direction. Stig Colberg will head up the new department as Chief Business Development Officer. Colberg has helped the company identify, structure and manage new investments since May 2008, when he joined CIRI as Vice President of Business Development. His new duties include pursuing new business investment opportunities for CIRI while ensuring diversity in CIRI’s overall investment and business portfolio.

Colberg will also act as the company’s “chief risk officer,” assessing risk across all of the company’s lines of business. Risk can be strategic, reputational, operational, financial or compliance-related. Colberg and the department will monitor risk company-wide to ensure that CIRI is well-positioned to mitigate risk while taking advantage of opportunities that often accompany it.

These changes in the company stem from the CIRI Board of Directors’ newly updated 2010-2013 Strategic Plan, which includes several efforts that have the potential to transform the company in the coming years. The Plan, among other things, emphasizes the importance of making investments with strong positive cash flow in the near- and medium-term. Such investments lead to more consistent revenue streams and, consequently, more consistent profits and dividends than long-term investments that provide little current cash flow, but may yield large, one-time payouts.

Prior to joining CIRI, Colberg was a partner at the Silicon Valley law firm of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, where he focused on the organization of investment partnerships and the structuring of private investments and merger and acquisition transactions.

Before practicing law, Colberg worked as a management consultant in San Francisco and Shanghai, advising multinational corporations on their investments, operations and market strategies in the greater China region.

Colberg earned a Juris Doctor with Distinction from Stanford Law School and graduated Summa Cum Laude from Dartmouth College with a Bachelor of Arts in Asian Studies.