Discover the latest news as Anne Boden, the founder of Starling Bank, announces her departure from the position of CEO, scheduled to take effect at the end of June.
In keeping with Starling’s record pre-tax profit of £195 million, a six-fold rise over the previous year, and her decision to leave the company after nine years in charge. Additionally, Starling reported sales of £453 million for the year ending March 31, 2023, more than quadruple the amount of £216 million the previous year.
According to Boden, who commented on the matter, she stated, “When I launched Starling in 2014, they told me that starting a bank, gaining market share, and making a profit were impossible.” Results from today disprove their claims.
“We’ve been successful in upending a whole sector. I’m quite proud of these outcomes because they demonstrate how far we’ve come as a group and how quickly we’ve advanced as a company.
As the company’s creator and CEO, a dual position that is uncommon in UK banking, I have spent close to ten years here. I have thoroughly enjoyed being absorbed by it.
“It is obvious the duties and interests of a CEO and a significant shareholder eventually differ and demand different methods now that we have moved from being an aspirational competitor to an established bank. Separating my two positions is in the bank’s best interests as Starling develops and expands.
Mount takes control
As temporary CEO, Starling COO John Mountain will “lead the digital bank into its next phase of growth.” By turning over my duties to John Mountain, I will be free to concentrate on my role as a stakeholder, support Starling, and make sure we uphold our beliefs and mission of improving banking, according to Boden.
Change is necessary
Boden hinted at an upcoming leadership transition earlier this year, emphasizing the positive impact of change in her New Year’s blog and expressing excitement about the possibilities for improvement and advancement in 2023. As a result, a global search for a permanent CEO has commenced at Starling.