Bank of Scotland’s chief economist Professor Donald MacRae has announced his intention to retire next month.
His departure marks the end of a 30-year career with Lloyds Banking Group, where he has held a number of financial and strategic roles including directorships at Lloyds TSB Scotland, and before that TSB Bank.
The bank said: “His regular publications monitoring the economy have become part of the economic landscape. While he is stepping down from his role at the bank, Professor MacRae will pursue his many other business interests.”
The professor said: “After 30 years with the group I am looking forward to retiring and doing other things that will continue to develop and grow the Scottish economy.”
Born in the Black Isle and educated in the Highlands, the economist is a former director of Scottish Enterprise and Scottish Homes and a current board member of Highlands and Islands Enterprise.
He was on the committee of inquiry on crofting, a member of the Rural Development Council and the Land Reform Review Group, and is currently an independent member of the Skills Committee of the Scottish Funding Council and Skills Development Scotland.
Professor MacRae is a fellow of the Royal Society of Edinburgh, a member of court at the University of the Highlands and
Islands, and a member of the David Hume Institute. He was awarded an OBE in 2011 for services to business and rural development.
He has said the digital transformation which is now under way across the Highlands will be the “equivalent to the hydro projects of 50 years ago”.
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