State-owned Scottish National Investment Bank has promoted its chief strategy officer and former government adviser David Ritchie to chief executive, replacing outgoing Al Denholm.
Mr Ritchie was a founding member of the team who designed and launched the bank in November 2020. He was one of its first employees, joining as head of partnerships & engagement in June 2020.
He was appointed to the new role of chief strategy officer in October 2024.
An economist by training, he previously worked for the Scottish Government and advised ministers in several roles, including head of the energy industries. He also undertook economic adviser roles.
No details were immediately declared about the starting salary in his new role, but Mr Denholm was paid £240,000 when he joined in May 2023. He is is retiring after a 40-year career in the investment industry.
Willie Watt, chairman of the bank, said: “As we pass our five-year anniversary, David’s leadership will help drive the bank forward.
“The bank now has a portfolio of 49 businesses, having committed more than £990m of its own capital and crowded in an additional £1.4bn.
“But we face challenging global economic headwinds. Having a skilled and passionate leader – who understands where we’ve been and where we need to go – will be critical to achieving our long-term ambitions to drive growth in the Scottish economy.”
He added: “David brings considerable relevant experience to his new role, having worked closely with the board and been a key leader in the executive team since the bank started.
“He has made a significant contribution to the bank’s progress to date, building strategic relationships and driving forward the bank’s business plan. He brings deep sectoral knowledge and insight and we are delighted that he now takes the helm.”
Deputy First Minister, Kate Forbes, said: “I welcome David Ritchie’s appointment as chief executive of the Scottish National Investment Bank. Having played a prominent role since the bank launched, David brings continuity and strategic focus across its three missions – net zero, place and innovation.
“The Scottish Government has committed £2 billion to capitalise the bank and help it deliver Scotland’s economic priorities – driving growth, investment and supporting and creating jobs in a sustainable, inclusive and ethical way.
“Under David’s leadership, I am confident the Bank will continue delivering patient, mission?led investment to support a fairer, greener and more innovative Scotland.”
Mr Ritchie said: “I care deeply about the organisation, its purpose, and the transformative role the bank could play in Scotland.
“It’s a privilege to be asked to lead this team and the institution we’ve created over the past five years. The world has changed a lot since the bank started, and we need to reflect those developments in our strategy. As CEO, I will ensure we’re fit for the future.
“The challenge to achieve net zero remains, though the market is changing; Scotland now faces a housing crisis; and we know that we need to nurture and support businesses to scale if we are to create jobs and foster growth for the future.
“It is our job to care for future generations through wise investments that deliver tangible, enduring impact to Scotland and its communities.
“The team and I are focused on maximising the capacity for growth, innovation and impact within the existing portfolio and our promising pipeline of investments. I also see significant opportunities to support and encourage further investment in Scotland.”
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