Investment bank boss insists she quit for personal reasons

Image source, SNIB

Image caption, Eilidh Mactaggart was chosen as the bank's first chief executive in April 2020, but quit less than two years later

The former chief of Scotland's National Investment Bank has insisted she quit for personal reasons following a row over "secrecy" about her departure.

Eilidh Mactaggart left the government-funded institution in February, but did not immediately give her reasons why.

This sparked a political row, with opposition parties accusing ministers of "shutting down scrutiny" for refusing to answer questions about it.

Ms Mactaggart has now said the decision was "ultimately for personal reasons".

First Minister Nicola Sturgeon had told MSPs the former bank boss was "entitled to the duty of care and confidentiality that any other individual in her circumstances would be".

Ms Mactaggart was the first chief executive of the publicly-funded bank, which was set up in 2020 with the goal of making long-term investments in Scottish firms.

The government has insisted it is performing "exceptionally well", having so far made 13 investments totalling just under 拢200m.

The government has pledged to put 拢2bn of funding into it over the coming decade.

Ms Mactaggart's resignation with immediate effect was announced on 25 February, with chief financial officer Sarah Roughead to fill in while the board looks for a permanent replacement.

'Suspicious' timing

Scottish Conservative leader Douglas Ross had said the timing of Ms Mactaggart's resignation was "very suspicious", coming days before the government announced a new economic strategy.

However, Ms Sturgeon insisted that this was a coincidence, adding that the situation was entirely a matter for the bank's board and that ministers had no input.

In a statement issued on Friday, Ms Mactaggart said she was proud of everything she achieved at the helm of the bank, including launching in the midst of a pandemic and establishing its first investments.

She said: "My decision to resign from my position as chief executive of the Scottish National Investment Bank was a difficult decision to make, but ultimately it was made for personal reasons.

"It was a privilege to be given the challenge of launching the Scottish National Investment Bank and being its inaugural chief executive and I wish the team I have built all the best for the future.

"I am considering a number of opportunities and looking forward to spending some more time with my young family in the meantime."