The Scottish National Investment Bank has appointed David Ritchie as its new Chief Executive Officer, succeeding Al Denholm, who has retired after serving in the role since early 2023.

Serving as the Bank’s chief strategy officer since October 2024, Ritchie helped design and launch the organisation five years ago as one of the national investment bank’s first employees.

Originally an economist by training, before joining the Bank, Ritchie was employed by the Scottish Government and advised ministers in several roles, including as head of the energy industries and hydrocarbons divisions.

“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,” said Willie Watt, chairman of the Bank.

“He has made a significant contribution to the Bank’s progress to date, building strategic relationships and driving forward the Bank’s business plan. 

“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.”

Ritchie’s appointment offers continuity at a time when the Bank is touting strong results, having committed over £990m of its own capital and attracted a further £1.4bn in co‑investment towards a portfolio of 49 businesses.

However, while the Bank’s latest results showed its income had risen by almost 80% over the last financial year, exceeding operating costs for the second year running, valuation changes within its portfolio left the Bank with unrealised losses of £77 million last year, largely driven by global economic headwinds.

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Ritchie’s tenure as CEO will hinge on guiding the Bank through this difficult economic landscape to meet its mission targets in net zero, innovation and community transformation.

“I care deeply about the organisation, its purpose, and the transformative role the bank could play in Scotland,” said Ritchie.

“The world has changed a lot since the bank started, and we need to reflect those developments in our strategy. 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. As CEO, I will ensure we’re fit for the future.”