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January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Starling Bank Founder Anne Boden Steps Down as CEO to Avoid Conflict of Interest; Reports Doubled Revenues
The Guardian | Kalyeena Makortoff | May 25, 2023
Image: Starling Bank/PR
Anne Boden, the founder and CEO of Starling Bank, has made the surprising decision to step down as chief executive in order to avoid potential conflicts of interest as a major shareholder.
- She believes that the roles and priorities of a shareholder and a CEO ultimately differ and wants to ensure there is no conflict.
- Boden, who launched Starling Bank in 2014, will relinquish her executive role next month but remain on the board as a non-executive director. She initiated discussions about her departure six months ago, and her decision was not prompted by UK regulators or the board.
See: Research: Which UK Bank Customers are Most at Risk of Fraud?
- Starling Bank, which has 3.6 million customers, recently announced that its revenues for the year ending March 2023 have more than doubled to £453m, leading to its second consecutive year of annual profits.
- The bank will be temporarily led by its chief operating officer while searching for a permanent replacement for Boden.
“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,” she said. “As Starling continues to evolve and grow, separating my two roles is in the bank’s best interests.”
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