The CEO and co-founder of Atom Bank seems set to be replaced in the coming weeks.
Mark Mullen co-founded Atom as Britain’s first digital-only bank with Metro Bank founder Anthony Thomson in 2014. Thomson stepped down as chairman in 2018 and Mullen was featured on our Founder 250 list this year.
Following what it called ‘pre-IPO’ funding rounds in previous years, this summer the North East firm worked with advisers at Jefferies on a sale process which attracted interest from several private equity firms and at least two building societies.
It had hoped that the auction would value it between £600m and £1 billion, but no firm bids were received and it was abandoned in June.
Sky News reported that Mullen is expected to be replaced on an interim basis by Andrew Marshall, the company’s CFO.
In a statement, the company responded: “In response to recent press news coverage, Atom confirms ongoing discussions between the CEO and board about succession planning and future senior leadership of the executive committee have accelerated in recent weeks.
“This is part of the founding CEO and board’s prudent long term planning for Atom’s next stage of growth and development. A further announcement will be made, if appropriate, in due course.”
An advocate for the four-day working week, Mullen moved Atom’s headquarters from Durham to Newcastle last year.
The bank has 250,000 customers and a substantial presence in the mortgage and savings markets. However its peers such as Revolut and Monzo have built customer bases in the tens of millions in a similar timeframe.
Atom employs around 600 people and its shareholders include BBVA, Toscafund and Infinity Investment Partners. It claims to be the UK’s highest rated bank on Trustpilot.
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