Former Virgin Money exec Rochford to chair digital bank Atom
Lee Rochford, who had a stint as CEO of the debt collection group Arrow Global Group, is close to being named as Atom Bank’s new chairman.
A former Virgin Money finance chief has been picked as the next chairman of Atom Bank as the digital lender heads towards a long-awaited stock market listing.
Sky News has learnt that Lee Rochford, who also ran the debt collection group Arrow Global Group, is being lined up as the successor to Bridget Rosewell.
One insider said an announcement about Mr Rochford's appointment was expected imminently.
His arrival will come as Atom works with advisers to raise up to £150m in capital in what is expected to be its final share sale before an attempt to float.
The Durham-based company is working with bankers at Jefferies on the fundraising.
The plans follow a £30m cash call last November which was funded by existing investors, BBVA, Toscafund and Infinity Investment Partners.
Mark Mullen, Atom's chief executive, said last November that Atom had surpassed £4.5bn in retail deposits "having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market".
The appointment of Mr Rochford comes soon after Atom also replaced its finance chief, with Andrew Marshall replacing David McCarthy.
Last year, talks about a £700m merger involving a vehicle set up by Donald Trump's former commerce secretary fell apart.
Atom had been in talks with a special purpose acquisition company (SPAC) set up by Wilbur Ross, the billionaire Wall Street financier.
Mr Ross had been a backer of Virgin Money, helping it find the financial firepower to buy Northern Rock after its nationalisation.
Established in 2014, Atom Bank has raised roughly £500m in equity from investors including BBVA, Toscafund and the now-dissolved Woodford Investment Management.
In 2021, it attracted headlines by becoming one of the first substantial employers to switch to a four-day week.
It said the move, which included a reduction in working hours from 37 to 34 with no impact on salaries, was designed to support employees' mental and physical wellbeing, as well as to boost productivity.
Atom Bank declined to comment.
Sky News has learnt that Lee Rochford, who also ran the debt collection group Arrow Global Group, is being lined up as the successor to Bridget Rosewell.
One insider said an announcement about Mr Rochford's appointment was expected imminently.
His arrival will come as Atom works with advisers to raise up to £150m in capital in what is expected to be its final share sale before an attempt to float.
The Durham-based company is working with bankers at Jefferies on the fundraising.
The plans follow a £30m cash call last November which was funded by existing investors, BBVA, Toscafund and Infinity Investment Partners.
Mark Mullen, Atom's chief executive, said last November that Atom had surpassed £4.5bn in retail deposits "having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market".
The appointment of Mr Rochford comes soon after Atom also replaced its finance chief, with Andrew Marshall replacing David McCarthy.
Last year, talks about a £700m merger involving a vehicle set up by Donald Trump's former commerce secretary fell apart.
Atom had been in talks with a special purpose acquisition company (SPAC) set up by Wilbur Ross, the billionaire Wall Street financier.
Mr Ross had been a backer of Virgin Money, helping it find the financial firepower to buy Northern Rock after its nationalisation.
Established in 2014, Atom Bank has raised roughly £500m in equity from investors including BBVA, Toscafund and the now-dissolved Woodford Investment Management.
In 2021, it attracted headlines by becoming one of the first substantial employers to switch to a four-day week.
It said the move, which included a reduction in working hours from 37 to 34 with no impact on salaries, was designed to support employees' mental and physical wellbeing, as well as to boost productivity.
Atom Bank declined to comment.