Financial news

Anne Boden, founder of Starling Bank, is to step aside as CEO at the end of June. 

Her decision to step down after nine years at the helm coincides with Starling’s record pre-tax profit of £195million, a six-fold increase on the previous year. Starling also achieved revenue of £453million for the year to 31 March 2023, more than double last year’s figure of £216million.

On the decision, Boden said: “When I started Starling in 2014, I was told no one ever starts a bank, nobody wins market share and you’ll never make a profit. Today’s results prove them wrong.

“We’ve succeeded in disrupting an entire industry. I’m immensely proud of these results, which are a testament to how far we have come as a team and how fast we’ve moved as a business.

“I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in UK banking. It’s been all-consuming and I’ve loved every minute of it.

“Now that we have grown from being an aspiring challenger to an established bank, it is clear the roles and priorities of a CEO and a large shareholder ultimately differ and require distinct approaches. As Starling continues to evolve and grow, separating my two roles is in the bank’s best interests.”

Mountain takes over

John Mountain, Starling’s COO, will take over as interim CEO to “lead the digital bank into its next phase of growth”.

“Handing over my responsibilities to John Mountain will enable me to focus on my position as a shareholder, championing Starling and ensuring we hold true to our values and vision of changing banking for the better,” explained Boden.

Time for change

Earlier this year, Boden perhaps hinted at the upcoming change at the top. Her New Year blog shed light on the value of change as a catalyst for progress and innovation, describing change “as not the enemy”.

“Nothing surprises and delights me as much as the ability to change. I begin the year excited by the opportunities for change and for good that I believe lie before us in 2023,” she wrote.

Starling has begun an international search for a permanent CEO.