David Ritchie stepped into the role of Chief Executive Officer at the Scottish National Investment Bank (SNIB) in January 2026, taking the helm of a taxpayer-backed development bank that’s driving Scotland’s net zero and innovation ambitions, while facing intense scrutiny over high-risk investments and recent portfolio setbacks.
An economist with deep roots in Scottish public policy, the newly appointed SNIB CEO is no outsider parachuted in to shake things up.
He is one of the bank’s original architects.
Ritchie joined the SNIB in June 2020 as Head of Partnerships & Engagement, just months before it officially opened for business in November that year.
A Strathclyde Business School graduate (BA in Economics and MSc in Economic Management & Policy), Ritchie had already spent years advising Scottish Government ministers on energy and economic strategy.
In October 2024 he was promoted internally to the newly created Chief Strategy Officer position, where he shaped the bank’s long-term commercial direction and market-creation efforts.
When Al Denholm, a 40-year private-equity veteran, retired, Ritchie emerged as the successor after a nine-month recruitment process that cost taxpayers £81,000 yet ultimately favoured continuity over an external hire.
Willie Watt, chairman of the bank, said: “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“.
Since taking the helm, Ritchie has presided over one of SNIB’s most publicised milestones: surpassing £1 billion in committed capital in February 2026, marked by a £10 million investment in Aurora Energy Services and celebrated alongside Deputy First Minister Kate Forbes
“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,” said Forbes.
Patient Capital or Public Money Gamble at SNIB?
The SNIB is a mission-led development bank wholly funded by the Scottish Government using taxpayer money, with a committed £2 billion in capitalisation over its first decade to provide patient, long-term debt and equity investments.
A development bank is a specialised financial institution, often publicly owned or supported, that provides long-term financing (such as loans, equity, or guarantees) to projects, businesses, and sectors that support economic development, infrastructure, sustainability, or social goals, where commercial banks may be reluctant to lend due to higher risk or longer time horizons.
“Mission-led” means its investments are deliberately directed toward achieving specific, government-set societal missions rather than pursuing purely commercial returns.
Ritchie has defended the bank’s investment model as inherently risky: “When the bank launched we anticipated losses within the portfolio“.
“It is always regrettable for the businesses and for the communities, but it is really important that the bank has a clear understanding of where risk appetite is and that it was established to fill a gap and there was always an expectation that losses will occur,” Ritchie added.
There is however a lot of questions about this risk appetite and the losses incurred.
Ritchie’s Rocky Start
Since Ritchie took over as CEO, the SNIB has faced a string of high-profile setbacks in its portfolio companies.
In February 2026, Aberdeen-based EV charging firm Trojan Energy entered administration, with the SNIB anticipating a substantial loss on its £26 million drawn-down investment (from a £28 million commitment), though jobs were preserved through a pre-pack sale to a new owner.
Around the same time, space launch company Orbex filed a notice of intention to enter administration, exposing SNIB to a £29.3 million financial hit amid funding challenges in the sector.
“It’s the latest high-profile failure of a firm backed by SNIB, and therefore by taxpayers’ money, and a casualty of the hostile climate for business created by the SNP”, said Scottish Conservative shadow business secretary Murdo Fraser.
“We want to see public investment producing real economic growth, but for that to happen, the SNP will need to abandon their high-tax, high-regulation, anti-business stance,” added Fraser.
These incidents come on top of the bank’s 2024/25 accounts (year ended March 31, 2025), which showed a statutory loss before tax of £58.4 million, driven by £77 million in unrealised losses from investment revaluations.
It is unlikely to have been the start that the new SNIB CEO would have wanted.
“We take any individual losses seriously but recognise that an appropriately high level of investment risk is essential to our role in Scotland’s investment landscape,” said Ritchie in an interview with The Herald.
He added, “Risk is inherent in all investment and we are mandated to take on higher risk than other commercial investors to drive growth in the economy. We have always said that some company failures will be inevitable, and our strategy is based on the entire portfolio, over the long term“.
In a March 2026 fireside chat at the bank’s annual conference, Ritchie attributed the challenges since the 2020 launch largely to a series of external headwinds: COVID-related disruptions and the evaporation of the post-COP26 momentum that had initially fueled high expectations, especially in offshore wind, where enthusiasm has given way to widespread project setbacks and scaled-back commitments.
As SNIB’s third permanent CEO, it will be seen if he can translate that continuity into greater resilience, fewer headline-grabbing failures, and positive long-term impact.
Author: Ruben McCarthy
See Also:
SNIB: Where Are They Now? A 2025 Review
SNIB Hands £20 Million To Businessman Who Oversaw Farepak Collapse | Disruption Banking
Questions Raised In Holyrood Over Conflicts Of Interest At The SNIB | Disruption Banking
