Search for successor to inaugural leader of the development bank continues, a year after she quit.

A candidate tipped to take over as head of Scotland’s publicly funded investment bank turned down the role when it was offered, Deputy First Minister John Swinney has said.

Former chief executive Eilidh Mactaggart quit the Scottish National Investment Bank almost a year ago, prompting questions from opposition parties and a recruitment process to find her successor.

Mactaggart eventually released a statement saying she had left for “personal reasons”.

When asked for an update on the process, Swinney told the Economy and Fair Work Committee that a prospective candidate had changed their mind about the role, meaning the process had to be restarted.

“The process has been taken forward… a candidate emerged but then decided not to take the post, I think that’s the fairest way for me to capture that,” he said when questioned by Conservative MSP Jamie Halcro Johnston.

“Sarah Roughead continues to exercise chief executive responsibilities under the leadership of Willie Watt as the chair of the Scottish National Investment Bank, and the bank continues to make the progress that the government envisages.

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