Scottish Enterprise's flagship £450m commercialisation venture ITI Scotland is searching for a new chief executive after the resignation of its longest-standing executive David Creed after 14 months at the helm.

ITI oversees the three Intermediate Technology Institutes which were set up in 2003 each with a 10-year £150m budget, but which proved unable to retain their highly-paid directors with the exception of Creed.

The energy institute lost its first-choice director then saw former Shell executive Tony Amor quit after less than two years in September 2005, followed by life sciences institute director John Chiplin three months later.

After an unsuccessful year-long headhunt for a life sciences replacement, acting director Eleanor Mitchell stayed in post, while Amor was replaced by Duncan Botting. ITI's chairman Gordon Campbell had resigned in mid-2005. In June 2007, his replacement, Shonaig Macpherson, appointed Creed, director of the techmedia institute since ITI's inception, as the organisations's first chief executive, following a spell as chief operating officer.

ITI Scotland was stressing the continuity of Creed's involvement yesterday, citing "five years of leadership" and going on: "Under David's strategic direction ITI Scotland has delivered through its first full cycle from R&D to commercialisation and created the environment for further success. During this time he has overseen the delivery of 10 commercialisation deals and 129 filed patents."

A spokesman later confirmed that this referred to the work of all three institutes since 2003, though Creed has only been chief executive for 14 months.

He said: "He has been part of the senior management team across the ITIs and has been there since its inception in a very senior role."

On whether ITI Scotland would face another challenge in recruiting a top-level replacement, the spokesman said: "The point is he (Creed) is not going anywhere any time soon.

"He will go at the appropriate moment when they do find someone ... that might take six months, he will be working to help find his replacement."

Chairman Macpherson said: "While searching for a suitable replacement and taking the time required to find the right person, we remain confident that the excellent team David has put in place will ensure we will continue to deliver for Scotland by maximising the exciting opportunities for R&D and commercialisation activity that lie ahead."

Since 2004, ITI Scotland has committed £134m in funding for 25 programmes, out of available four-year funding of £180m, and has suffered some criticism on its delivery record.

Jack Perry, chief executive of Scottish Enterprise commented: "David Creed's part in the success to date of ITI Scotland has been commendable ... ITI Scotland remains an innovative and ambitious project for Scotland and David's successor will have an equally challenging and exciting role in ensuring the economic potential of their research programmes is fully exploited over the next few years."

Creed confirmed he would be "actively assisting the board in its task of recruiting my replacement and ensuring a smooth transition of the reins".