Headhunter's fee

Ministers fork out £175k to find SNIB’s new CEO

Eilidh Mactaggart
Eilidh Mactaggart: quit for personal reasons

Scotland’s state-owned investment bank is hiring headhunters on a £175,000 fee to help find a new chief executive.

The £2 billion Scottish National Investment Bank (SNIB) is seeking a successor to replace chief executive Eilidh Mactaggart, who left abruptly in January just 14 months after it began operating.

The fee being paid to London-based Spencer Stuart, which also covers the recruitment of a new chief investment officer, is a considerable hike on the £40,000 paid to global recruitment firm Odgers Berndtson in 2019 in the search that led to Ms Mactaggart’s appointment. That fee caused uproar at the time. Ms Mactaggart later quit the £235,000 a year role for “personal reasons”.

Ministers who have already come under pressure over money being poured into the bank may face further questions over the latest fee which is for a six-month contract to recruit her successor.

Chief financial officer Sarah Roughead is serving as interim CEO. A permanent replacement is unlikely until the last quarter at the earliest.

… more follows



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