SNIB seeks new CEO as Denholm prepares exit – Daily Business

The state-owned Scottish National Investment bank is looking for its fourth chief executive in just over four years after Al Denholm announced he is retiring.

The bank hired Mr Denholm after a 15-month search for a successor to its first CEO Eilidh Mactaggart who told her bosses she was leaving for ‘personal reasons’.

The search for her replacement took just a month less than she was in post. In the meantime, the bank was led by Sarah Roughead on an interim basis that lasted longer than expected.

Launched in November 2020 with £2 billion over ten years, the government set up the bank to deliver patient, mission impact investment to the Scottish economy.

Now the bank will begin trawling the market for another leader following Mr Denholm’s notice to step down in six months’ time or until a successor is appointed. He will then work with the board in an advisory role until the end of 2026.

He joined in May 2023 on a starting salary is £240,000, close to the £235,800 paid to Ms Mactaggart whose total remuneration of £348,047 package was one of the highest in the public sector.

Mr Denholm, originally from Edinburgh, was previously CIO and CEO of Prudential Portfolio Management Group, and has held senior investment leadership roles with Blackrock, ING, Insight and Scottish Widows.

He led SNIB through a key phase of its growth and development. Important milestones include securing phase 1 authorisation from the Financial Conduct Authority (FCA) and overseeing the growth of the Bank’s portfolio to comprise of 43 businesses and projects, supported by £785m of committed Bank investment and £1.4bn of crowded-in capital. 

The bank’s chairman, Willie Watt, said: “On behalf of the board, I thank Al for the energy and passion he has brought to the role.

“His expertise has been instrumental in helping us secure our initial FCA approval and his commitment to staff development has seen us secure employee engagement scores that sit way above industry norms.  We are grateful for the work he’s done, and he leaves the bank in a strong position with solid foundations for future growth. We wish Al well in his retirement when it comes.”

Mr Denholm said: “Working with the bank has been a highly rewarding way to draw my full-time finance career to a close. I took on the role with big ambitions for the organisation, which I’m pleased we have delivered on. Now is the right time for me to plan my retirement as the bank enters its next chapter, supported by its highly skilled team.

“During my tenure, the bank has invested in some exciting businesses that I’ll be proud to watch grow and scale as they create jobs, drive growth in the Scottish economy and deliver against the Bank’s impact missions.”