Starling Bank has confirmed that founder Anne Boden is to step aside as chief executive of the company on 30 June.

John Mountain, who is currently Starling’s chief operating officer, will take over as interim chief executive until a permanent replacement is found, the company said. The appointment is subject to regulatory approval.

Mountain has worked at Starling for seven years, holding several roles including chief information officer. He previously spent 15 years as a technical architect working for companies such as Lloyds Bank and Waitrose.

Commenting on the news Boden, who will remain on the board as a non-executive director, said that stepping down as chief executive will allow her to focus on her position as shareholder and ensuring that the bank sticks to its values.

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

“Now that we have grown from being an aspiring challenger to an established bank, it is clear the roles and priorities of a chief executive 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.”

The company has also announced record revenue and profits for the financial year ending 31 March 2023, confirming predictions from earlier this year.

Revenue rose to £453 million, which more than double last year’s figure of £216 million. Pre-tax profits were £196 million, which is a six-fold increase on the previous year’s result of £32 million. Total lending rose to £4.9 billion from £3.3 billion while customer deposits have increased 17 per cent to £10.6 billion.

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