Theo Donné, born and raised in Kinrooi, received a standing ovation just a few weeks ago at LRM’s annual meeting at DronePort. Over the past few days, he has had various send-offs in the many different rooms under LRM’s wings. As announced, his successor as CFO is Gert Vandewaerde (39) from Pelt, former finance director at Janssen-Cilag (Johnson & Johnson).

After studying commercial engineering at the then Economic College Limburg in Diepenbeek, Theo Donné went to work at the then Aveve (now Arvesta), the farmer and gardener trading company, within the ‘Boerenbond’ (Farmers’ Union). And yes, Theo was also at the drawing board when the insurance company ABB, CERA and Kredietbank joined forces, merging to form today’s financial group KBC, in 1996.

Fenix

Theo Donné returned to Limburg from Tienen the same year, to help build up the ‘Limburgse Reconversiemaatschappij’ (Limburg Reconversion Company - LRM). He saw how the so-called ‘Fenix’ project, one of the many possible reconversion projects following the closure of the Limburg mines, was taken off the table. “I was then tasked with investing LRM’s ‘start-up’ money, the famous 10 billion Belgian francs,” Donné recalls. Overnight, he became one of the country’s largest investment managers.

LPM

Theo was also there when the former ‘Limburgse Participatiemaatschappij’ (Limburg Participation Company - LPM) was sold to KBC Invesco. Although he was rarely in the foreground, if at all. Behind the scenes at LRM, he proved to be an essential sounding board for the management and board of directors of the Limburg investment company. He also held various board positions on behalf of LRM. As CFO, he was primarily responsible for assessing risks, and was at the table for every important decision. “That is simply the fate of an investment company: daring to take risks. You don’t do that by yourself, you do it as a team. It’s like a gearbox, with every cog helping turn the whole system.”

How do you look back on your career?

“I’ve been fortunate to witness how LRM has evolved from a pure cash company to a group that plays an important role in Limburg. When I drive around Limburg, I see companies and projects everywhere that I have been able to help grow. That’s a great feeling. Whether it’s a starter that enthusiastically gets going with a ‘Klim-op’ loan, a company like Greenyard that we were able to keep in Bree, or projects like Corda or Terhills, it’s always very fulfilling. Lots of restless nights too, of course. I’ve also had the honour of working with many renowned CEOs and presidents. And yes, I’m going to miss all of that. Letting go will not be easy. Fortunately, as a parting gift, they gave me a badge so I can enter our building on the Corda Campus at any time.” (laughs)

Which project do you regret the most?

“Well, after all these years you can put that in perspective. Many projects fell through, but there was no real huge failure among them. I wouldn’t even call Ducatt (manufacturer of solar panel glass in Lommel) a failure. That company was just a decade too early with its technology. It could no longer compete against Chinese dumping prices when the glass market went down.”

Do you worry you won’t know what to do now?

“It should be OK. I’ve resolved to make more time for family and grandchildren. I want to get on my bike more and take it easy. I’m looking forward to that. Meanwhile, a lot of companies are already getting in touch to hire me as an (independent) director, and there is also my work in education: Campus de Helix (secondary education) in Maasmechelen and Qrios (adult education).”

What message do you want to give to your successor?

“Work with the people around you. Lean on each other. The nicest thing is to accomplish things together.”