Atom bank is to appoint Lee Rochford as its new chairman, subject to full regulatory approval.

He will replace Bridget Rosewell when she steps down in September, having held the role for five years.

Rochford (pictured) has significant experience as a board-level executive in both publicly listed and private financial services businesses and held the position of chief financial officer at Virgin Money when it listed on the London Stock Exchange in 2014. He has also held senior roles at RBS and was previously CEO at Arrow Global Group, a listed diversified financial services business.

Mark Mullen, CEO at Atom Bank, said: “We’re all very excited to welcome Lee to Atom. Ahead of us lie many challenges as we build scale, profitability and maturity on our way to listing the company.

“Lee shares our vision and brings with him the values, skills and experience to help us all achieve our goals. In common with everyone at Atom, he fully understands the importance of customers in our culture and is as energised at the prospect of changing banking for good, as I am myself.

“Bridget’s contribution to Atom over the years has been immense. She has been a wonderful leader at the bank and an enormously supportive personal mentor, for which I am hugely grateful.”

Rosewell added: “It’s with both sadness and pride that I move on from Atom after the allotted nine years I’m allowed. The journey has been a rollercoaster and always exciting. Unlike a rollercoaster, we’ve travelled a distance and made significant achievements in becoming a trusted and a profitable bank.

“Now I hand over to Lee who I know shares the vision with which we have created Atom to offer a fair approach to banking. I wish him well and I am sure he will help the team on the next phase of the journey.”

Rochford said: “I am delighted to be joining Atom at this pivotal moment in its journey. The foundations are strong with a thriving culture, strong customer focus and proven technology.

“However, much remains to be done to build consistent profitability and scale the bank if it’s to deliver on its vision. Like everyone at Atom I’m passionate about changing banking for the better, so I’m looking forward to working with the talented team there to deliver that.”