Shock departure

Mactaggart quits as CEO of Scottish National Investment Bank

Eilidh Mactaggart
Resigned: Eilidh Mactaggart

Eilidh Mactaggart has resigned as CEO of the government-backed Scottish National Investment Bank.

A statement offered no explanation on the reasons for her departure.

Chief financial officer Sarah Roughead will act as CEO with immediate effect whilst the board initiates a process to find a new, permanent CEO.

Ms Mactaggart, 47, joined the bank after 20 years in the City on a salary of £235,000, making her one of Scotland’s highest paid public officials.

It emerged at the end of last year that she received a £37,375 bonus just months after it opened for business in November 2020 with a £2 billion budget over 10 years.

Ms Roughead will aim for a smooth transition. She previously worked at Scottish Equity Partners and brings experience from her background in private equity, venture capital and infrastructure funds.

Sarah Roughead: smooth transition

The board and executive team will continue to deliver on the bank’s missions, supporting Scotland’s transition to net zero by 2045, investing to improve opportunities for people and communities and harnessing the forces of technology and innovation to build a more resilient, productive economy.

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

Willie Watt: strong team (pic: Terry Murden)

“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.

“Having committed almost £200 million since launch, we are in an excellent position to deliver on our objectives, and I am proud of the significant investments we have made so far.

“We have lots more to do and I look forward to continuing the bank’s missions to support the transition to net zero, extend equality of opportunity and harness innovation to enable the people of Scotland to flourish.”

Comment: Mactaggart’s departure should herald SNIB rethink

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.