Starling on hunt for new chair as Deloitte veteran bows out
UK fintech Starling is on the hunt for a new chair following the news the firm’s current head would exit later this year.
Starling said on Tuesday that David Sproul, the bank’s chair since October 2021, would step down once a successor is appointed.
Sproul joined Starling after a near two-decade long career at Big Four giant Deloitte, which spanned across roles including deputy global chief executive and top boss at the UK arm.
He said: “This feels like the right time for a new chair to work with the refreshed board I have created over the last year to guide Starling into its next phase of growth and development.”
The group’s senior independent director Tracy Clarke will lead the search for his replacement.
South West Water owner Pennon tapped Sproul for chairman in June 2024, following a storm of scrutiny over the firm’s environmental track record.
Starling chair’s choppy waters
Sproul steered the ship at Starling through choppy waters, including the departure of founder and former chief executive Anne Boden.
Boden was suceeded by interim chief John Mountain in May 2023 with reports later stating the former’s exit followed a clash with investors over fund manager Jupiter’s decision to sell its stake in a below-valuation price the year prior.
The Starling founder’s decision to step down came after she decided her position as a chief executive was being unduly influenced by her concerns as a shareholder, the Financial Times reported at the time.
Morning Wire revealed last month Boden had cut her stake in the £4bn fintech during a recent secondary share sale.
Raman Bhatia would go on to be appointed as Starling’s permanent chief executive in the summer of 2024, following stints at OVO and HSBC.
Bhatia said: “David’s guidance was invaluable to me when I started at Starling, and he has remained steadfast in his mission to see the group deliver safe, sustainable growth.
“He should be proud of his leadership in helping to grow and diversify our business, develop our governance infrastructure and enhance our culture. He leaves Starling stronger and I thank him warmly for that.”