Scottish National Investment Bank chief quits

The chief executive of the Scottish National Investment Bank (SNIB) has quit after less than two years in post.

Eilidh Mactaggart’s resignation takes immediate effect.

Sarah Roughead, the chief financial officer of the SNIB, will take over as interim chief.

No further details were given to explain the change.

Chair of SNIB’s board, Willie Watt, said: “The Board would like to thank Eilidh for the contribution she has made as we successfully launched the Scottish National Investment Bank.

“We have a strong team in place that remains focused on investing to deliver growth, jobs and enhanced social and environmental benefits for the people of Scotland.”

Mactaggart was announced as the Bank’s first CEO in April 2020, ahead of its official launch in November of that year.

The purpose of the body is to invest in businesses and projects which would otherwise struggle to get investment from private markets.

MSPs unanimously passed the legislation to set up the SNIB in early 2020.

The Scottish Government is committed to providing £2bn for the bank over the next decade.

The board and executive team said it will “continue to deliver on the Bank’s missions”.