Monzo chair makes early exit after boardroom rift
The chair of Monzo will make an early exit from the UK fintech next month following a period of a turmoil in the neobank’s boardroom. Garry Hoffman will step down from his role as soon as next month, ending his tenure over a year earlier than his nine-year term permits. He will be replaced by [...]
Monzo's chair of the board, Garry Hoffman, will depart the UK fintech early next month, concluding his tenure more than a year before his nine-year term expires. The boardroom turbulence at Monzo has led to his early exit, with Karen Peacock set to become the interim chair of the Group and Rupert Keeley to chair the UK. Hoffman, who began his role at Monzo in 2019, replaced long-standing CEO TS Anil, who stepped down in October 2025 to make way for Google executive Diana Layfield as group chief executive.
Anil had been at odds with the board over the timing of a public listing, with some favoring an earlier date and others a later one. After a series of events, Anil rejoined the Monzo board in a vice-chair position following a rebellion by loyalists to Anil that threatened to oust Hoffman. In April, Monzo announced it would withdraw from the US market to focus more on its European ambitions.
The fintech recently obtained a full banking license from the European Central Bank. Hoffman stated that, while he was tempted to complete his full nine-year term, he believes it's the right time to step down as Monzo progresses to the next stage of its growth. His official departure date is set for early September.
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