Finance Secretary Kate Forbes has said the reasons for the former chief executive of the country’s investment bank stepping down were “for her and the board”.
Eilidh Mactaggart left her role as chief executive of the Scottish National Investment Bank (SNIB) abruptly on Friday, with no reason given.
When questioned on Tuesday about the move, Forbes refused to say why, but sought to reassure MSPs that Mactaggart’s successor would be agreed by ministers.
“I recognise that there is significant interest and questions around the chief executive’s resignation, due to the seniority of her role and the importance of the SNIB to Scotland’s economy,” she said in response to a question by Scottish Conservative finance spokeswoman Liz Smith.
“The reasons for the former chief executive’s resignation are a matter for her and the bank’s board.
“The board have kept ministers up to date with all matters relating to the chief executive and the executive team and board members will continue to provide strong leadership and direction for staff and bank clients.”
Pushed on the issue by Smith - who asked if the Finance Secretary understood the need for “full transparency” given the significant public investment in the bank - Forbes again refused to answer.
“I would echo the comments that Liz Smith has just quoted me on because since its launch, the bank has made significantly good progress,” she said. “As I said already, I know there is public interest, there is political interest in answers and ensuring that there is transparency.
“I can say, once again, matters related to the former chief executive’s resignation from the bank are very much for the former chief executive and for the bank’s board.”
Sarah Roughead will act as SNIB's chief executive, while the board initiates a process to find a new, permanent leader.
The current chief financial officer was previously at Scottish Equity Partners and brings experience from her background in private equity, venture capital and infrastructure funds.
Mactaggart, 47, joined the bank after 20 years in the financial services sector, on a salary of £235,000.
It emerged last year that she received a £37,375 bonus just months after the bank opened for business in November 2020, with a £2 billion budget over the next 10 years.
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