Stuart McDonald is the SNP's new treasurer following the resignation of Colin Beattie earlier this week.
Beattie told First Minister Humza Yousaf he would be “stepping back” from the role as he believed he had become a “distraction” after he was arrested, and later released without charge, during a police investigation into party finances.
Yousaf became acting treasurer on a short-term basis whilst a replacement was found.
The BBC reports Mr McDonald was selected by the party's National Executive Committee (NEC) and will remain in the post until the next annual conference.
The former lawyer said: "Whilst it is a difficult and challenging time, I look forward to getting on with the job of national treasurer to help take forward the important work being led by our new party leader, Humza Yousaf, to improve the SNP's governance and transparency."I've no hesitation in stepping forward when asked to do my part in keeping our party firmly on a campaign footing as the case for Scottish independence becomes more compelling than ever."
Police Scotland have been looking into how more than £600,000 in donations to the party earmarked for an independence referendum had been used.
Beattie, 71, was questioned by detectives on Tuesday and Police Scotland said that evening that he had since been “released without charge pending further investigation”.
The long-standing SNP treasurer, said in a statement: "This afternoon I informed the party leader that I will be stepping back from my role as SNP National Treasurer with immediate effect.
“I have also informed the SNP Chief Whip at Holyrood that I will be stepping back from my role on the Public Audit Committee until the Police investigation has concluded.
“On a personal level, this decision has not been easy, but it is the right decision to avoid further distraction to the important work being led by Humza Yousaf to improve the SNP’s governance and transparency.
“I will continue to cooperate fully with Police Scotland’s enquiries and it would be inappropriate for me to comment any further on a live case."
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