Smith is currently chairman of UK Green Investment Bank, Forth Ports Limited and IMI, and was previously chairman of the Weir Group and of SSE, and a non-executive director of Standard Bank.

Last November, Karin Forseke announced she was stepping down as chairwoman from this month, following an announcement in October that the Trust would implement significant changes to deliver better performance.

"I am looking forward to getting started and playing my part in delivering the changes that are necessary to return the Trust to the levels of performance upon which it has earned its reputation and success," Smith said in a statement on Thursday.

Gregor Stewart will become deputy chairman.

(Reporting by Huw Jones; editing by Susan Thomas)