Mr Mullen’s departure comes as the bank announces a rise in income and profits in its latest accounts
Newcastle challenger bank Atom Bank has announced the departure of its chief executive Mark Mullen. Mr Mullen, who co-founded the bank in Durham ahead of its move to Tyneside this year, has stepped down after a period of speculation around possible takeover bids for the digital-only bank.
Current chief financial officer Andrew Marshall will become interim CEO as Atom starts the search for a permanent successor to Mr Mullen. The announcement came as accounts for Atom for the year ending March 31 showed a growth in net operating income to £99.8m, while profit before taxation increased significantly from £5.1m a year earlier to £9.4m.
In the accounts, Mr Mullen said the company’s performance had been “positive”, though he stressed the need to find a “better balance in the composition of our earnings”.
He added: “We delivered these results despite considerable macroeconomic volatility, maintaining exceptionally low levels of both arrears and forbearance at just 0.9% across the loan portfolio. In the final quarter of the financial year, the impact of the potential economic fallout from the war in Iran played through into higher modelled Expected Credit Losses (ECLs) for the year at £9.4m against £7.1m in FY25.
“In the course of the year, we further expanded and established new deposit platform partnerships. We grew retail deposit balances to more than £8.3bn and launched our first Cash ISA.
“We have invested in our behaviouralisation and price elasticity modelling and continued to leverage our Elvet Securitisation programme. Growing our retail deposit capabilities will remain a key strategic focus. We continue to work toward increasing our maximum aggregate balance, driven by the upcoming launch of our latest savings variants.”
In this morning’s announcement of his decision to step down, Mr Mullen said: “After 12 years as CEO, I have decided to hand over the leadership of Atom. It has been a privilege to build this business and I am immensely proud of what we have achieved together, growing Atom into a leading UK bank that successfully competes with the High Street banks.
“Atom is a fantastic company with a bright future. I wish Andrew and my permanent successor well.”
Atom chair Lee Rochford said: “On behalf of the board, I would like to thank Mark for his leadership, dedication and significant contributions since he founded the business 12 years ago. Under his leadership, Atom pioneered digital banking in the UK.
“His vision of an online bank devoted to customer service has been adopted across the industry and helped make Atom one of the UK’s most trusted banks for customers. That is a legacy to be proud of.”
Mr Marshall said: “I am pleased to take on the role of Interim CEO and to lead Atom after 10 years with the business. Mark leaves us with a strong foundation and an excellent team, and I look forward to working with the board and leadership team to maintain our momentum.”




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