In a surprising turn of events, Anne Boden, the esteemed CEO and founder of Starling Bank, has announced her decision to step down from her position by the end of June. This unexpected development comes as Starling Bank unveiled its impressive 2022 annual results, showcasing remarkable growth in revenue and pre-tax profits.
To ensure a seamless transition, Starling's current Chief Operating Officer, John Mountain, will assume the role of interim CEO while the company conducts a global search for a permanent CEO. Boden's departure is motivated by the recognition that her dual roles as CEO and founder, coupled with her significant shareholding in the company, require distinct approaches.
Boden emphasized that this decision was made in the best interest of Starling Bank, stating, "Now it's no longer appropriate for a business of this size to have a Founder CEO." She further clarified that the choice to step down was entirely her own, devoid of any external pressures from regulators or the board.
Although Boden will relinquish her CEO responsibilities, she will maintain her invaluable presence on Starling Bank's board as a non-executive director. With her 4.9% equity stake and 18.5% voting rights, Boden will continue to contribute to the bank's strategic direction.
As part of the recently announced annual results, Starling Bank revealed a substantial increase in its lending portfolio, reaching £4.9 billion compared to £3.3 billion in 2022. Notably, a significant portion of this lending activity consists of mortgage loans, totaling £3.43 billion, primarily facilitated through Starling's subsidiary, Fleet Mortgages. Looking ahead, Starling's Chief Financial Officer, Declan Ferguson, confirmed plans to introduce another mortgage product in the coming months.
Regarding her future endeavors, Boden expressed her unwavering commitment to Starling Bank. She stated, "I'm not going to start another bank, Starling is absolutely perfect." Her focus will primarily revolve around her role as a shareholder director at Starling, as the bank embarks on an exciting and ambitious journey. Additionally, Boden remains passionately involved in the women-led high-growth enterprise taskforce, where she aims to empower more women to achieve success, similar to her own.
As Anne Boden prepares to pass the baton to the next CEO of Starling Bank, the company's extraordinary growth and thriving mortgage lending division demonstrate its steadfast position in the market. With a solid foundation and a visionary leadership team, Starling Bank is poised for an exciting and promising future.
