Atom Bank appoints Andrew Marshall as new CFO

Marshall takes over from co-founder David McCarthy who spent more than eight years in the role.

Atom Bank has appointed Andrew Marshall as its new chief financial officer, taking over from co-founder David McCarthy.

Marshall has been working at Atom for more than six years, as group financial controller, deputy CFO and director of corporate finance.

He takes over from McCarthy, who stepped down from the role last month.

The news that he would leave the company after more than eight years as part of its leadership team was revealed exclusively by Sky News, and confirmed by McCarthy in a LinkedIn post.

He wrote plainly that there is “so much more to come” for the bank, and that the 250 mile commute to Durham was the only reason he decided to move on.

“Everything else is just speculation,” he wrote.

Atom CEO Mark Mullen said that McCarthy has been “instrumental” in making the bank what it is today and that it is “his company as much as it will ever belong to anybody”.

The transition marks the next phase of Atom’s journey, he added.

Mullen’s move to CFO also follows other recent c-suite changes, with Andy Sturrock and Rebecca Cartwright being appointed chief technology officer and chief risk officer respectively.

“In recent months we’ve made other changes to re-energise the senior team as we continue to evolve our business,” Mullen said.

“All companies must transition from being ‘start-ups’ to ‘started-ups’ and Atom is well along that road.”

Marshall will now focus on ensuring Atom continues working towards long-term profitability, while also preparing the bank for a “large capital event in the future”, though the bank was no more specific on what this will look like or when. 

Atom is currently in the process of appointing investment banks to work on a public listing that could take place next year.

“We have built the foundations of a great business and I will now focus on accelerating our profitable growth for the benefit of all our stakeholders,” Marshall said.

“In such a volatile period, our mission to make the experience of borrowing and saving simpler, faster and better value is more important than ever.”