See the following error in the logs:
This was caused by Powershell not being installed.
Despite the Pre-Requisite Checker showing now errors, only PowerShell 1.0 was installed.
This was resolved by installing the following versions of PowerShell
Uninstall the existing version of CMN and then re-install it.
Run the directory connector and the connector will run successfully
Note: If this issue occurs after upgrading the CMN Directory Connector, then you may need to "Edit" each existing connector and complete the wizard in order for the old connector to be updated by the new version of CMN.