Scottish National Investment Bank boss Eilidh Mactaggart steps down

THE chief executive of the Scottish National Investment Bank has abruptly left office.

Eilidh Mactaggart has stepped down from her role with immediate effect, less than two years after being named the new institution’s first patroness in April 2020.

SNIB did not specify his departure in a press release published this morning on its website.

Mactaggart has been replaced on an interim basis by chief financial officer Sarah Roughead, formerly of Scottish Equity Partners. The Board of Directors has begun the search for a new permanent CEO.

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Chairman Willie Watt said: “The Board would like to thank Eilidh for her contribution to the successful launch of the Scottish National Investment Bank. We have a strong team in place that remains focused on investing to deliver growth, jobs and improved social and environmental benefits for the people of Scotland.

“Having committed almost £200m since launch, we are in an excellent position to achieve our goals, and I am proud of the significant investments we have made so far. We still have a lot to do and I look forward to continuing the Bank’s missions to support the transition to net zero, expand equal opportunities and harness innovation to enable the people of Scotland to thrive.

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MacTaggart, an infrastructure finance specialist, was appointed head of the bank in April 2020 with a salary of £235,000.

The Scottish National Investment Bank officially opened in November 2020 with a budget of £2bn of public money to deploy patient capital into Scottish businesses that meet its ‘mission-driven’ criteria – innovation , the fight against inequalities and support for the transition to the net. zero.