Scottish Mortgage appoints ex-Uber exec to board

Stephanie Leung

The board of the £13 billion Scottish Mortgage Investment Trust announced the appointment of Stephanie Leung as independent non-executive director of the closed end fund company with effect from August 1, 2023.

Stephanie is the co-founder and CEO of KareHero Group, a social mission driven enterprise that helps working adults balance their careers while caring for elderly relatives,” said Scottish Mortgage.

“Prior to this, Stephanie spent approximately 25 years in executive leadership roles in large enterprise and tech-led businesses across the globe, most notably as part of Uber’s EMEA leadership team, overseeing operations across 20 countries, and as DEI Co-Chair and Head of EMEA for Women@Uber.

“She also formed part of Uber’s NED team in the UK.

Earlier in her career, Stephanie was Chief Projects Officer at Monitor Group and CEO of Greater China at HAVI Group, eventually becoming the youngest member to join the global board, overseeing 40 countries as Chief Strategy and Business Development Officer.

“Stephanie began her career at Goldman Sachs as a Financial Analyst.”

Scottish Mortgage, Baillie Gifford’s flagship fund, has announced big changes to its board in recent months following claims by one departing director, Amar Bhidé, that he had been “removed … by the vote of the board.”

Bhidé had clashed with the Scottish Mortgage board over his assessment of the risks posed by the giant fund’s investments in unquoted companies — and over the process to appoint new board members.

Scottish Mortgage saw its share price almost triple during 2020 and 2021 from around £5.80 to over £15, but the stock was routed amid the global sell off in the fund’s beloved “growth” and technology stocks and it currently trades around £6.80.

However, the fund has a strong long term investment record.

Leung gained master’s degrees from both Harvard University and the University of Cambridge. She is also a mentor for the Google Startups programme and speaks six languages.

The appointment is subject to shareholder approval at the AGM of the company to be held in 2024.

Scottish Mortgage chair Justin Dowley said: “On behalf of the board, I am delighted to welcome Stephanie to Scottish Mortgage.

“Stephanie brings considerable management expertise, having held several leadership positions at global companies with innovation at their core.

“Her deep understanding of the technology and consumer landscapes will be hugely valuable to the board and to the continued success of the company. I look forward to working with her.”