The announcement follows the appointment of Margaret Morton as ACS’s first chief executive officer in September 2025 and marks a significant milestone in the organisation’s evolution as the national association for business angels in Scotland.

The new board brings together some of Scotland’s most experienced leaders from across angel investment, entrepreneurship, and economic research, positioning ACS to deliver on its strategic priorities over the coming years. These include advocacy for member interests among key stakeholders, collaboration across Scotland’s early-stage investment ecosystem and the promotion of early-stage investment, and its economic impact, to attract new investors.

Ms McKenzie brings over fourteen years of experience with Archangels, having joined in 2011 after spending sixteen years in banking and structured finance with KPMG and Lloyds Banking Group. As a qualified Chartered Accountant, she has overseen numerous successful investments across Scotland’s technology and life sciences sectors and provides strategic guidance to portfolio companies. She currently serves on the board of St Andrews Innovation, the commercialisation subsidiary of the University of St Andrews, and is a Trustee of National Museums Scotland.

Joining Ms McKenzie on the board are Lynne Cadenhead, chief operating officer at TRICAPITAL Angels Limited and chair of Women’s Enterprise Scotland, Fraser Lusty, managing director at Equity Gap, and Professor Niall MacKenzie, head of the Hunter Centre for Entrepreneurship, Strategy and Innovation at the University of Strathclyde.

The board transition sees Jock Millican step down as chair after fourteen years, during which he oversaw the successful transition from LINC Scotland to Angel Capital Scotland and the appointment of Ms Morton as the new organisation’s first CEO.

“I’m honoured to take on the role of chair at such an exciting time for Angel Capital Scotland,” said Ms McKenzie. “Scotland’s angel investment community has built a world-class reputation, but we need to do more to articulate the impact of our ecosystem and continue to attract new investors. With Margaret’s leadership and this exceptional board, we’re well-positioned to demonstrate the vital role angel investment plays in Scotland’s economy and to ensure our high-growth companies continue to access the capital they need to scale.”

Ms Morton, CEO of Angel Capital Scotland, added: “This board brings together deep expertise across angel investment, entrepreneurship, and economic research. Their collective experience will be invaluable as we work to strengthen Scotland’s position as a leading angel investment market.

“I want to thank Jock for his significant contribution over many years and support during a pivotal period for our organisation. His leadership has been instrumental in establishing Angel Capital Scotland on firm foundations, and we’re grateful for his years of service.”