Invest NI is an arms length body of the Department for the Economy (DfE).
The review found “relationships at senior levels within Invest NI are damaged and are harming the performance of the organisation”.
It concluded that the organisation needed urgent improvements in leadership, operations and public accountability.
In response, Invest NI published an action plan, and it has now completed the first year of its three-year plan, including internal organisational and cultural change.
Mr Donoghue, who has been in the role for 18 months, said he did not want the organisation to be defined by the review.
Invest NI supported £631m of investment into the Northern Ireland economy this year – that is 22% more than the previous year.
In response to criticism that the organisation has been too Belfast-centric, it almost hit its 60% target for investments outside of the Belfast Metropolitan Area, with this making up 59% of investments.
Two thirds of assistance went to locally owned firms.