Monzo chairman Gary Hoffman to stand down after nearly eight years
The chairman of Monzo’s board, who was reportedly in a boardroom battle with some Monzo shareholders over the departure of its former CEO, is standing down from the role. Banking veteran Garry Hoffman...
Monzo's long-serving chairman, Gary Hoffman, is set to step down from his position after nearly eight years at the helm of the rapidly growing digital bank. The announcement comes as Monzo continues to scale its operations, now boasting over 16 million customers, up from 1.6 million during Hoffman's tenure.
Hoffman, a banking veteran with 25 years of experience at Barclays and a former CEO of Northern Rock, will be succeeded by interim chair Karen Peacock. Peacock, a Harvard and Stanford graduate, joined Monzo's board in 2025 and previously served as CEO of Intercom and the former general manager of Intuit.
Hoffman's departure follows a surprise announcement last year that Monzo replaced its CEO, TS Anil, with Diana Layfield, a former Google and Standard Chartered executive. The move led to a boardroom battle between Hoffman and some shareholders who were unhappy with Anil's departure. Hoffman himself cited his recent treatment for prostate cancer as the reason for his decision to step down.
In a statement, Monzo's interim chair, Karen Peacock, praised Hoffman's leadership and the company's growth under his guidance. She emphasized that Monzo is now "evermore devoted to our mission to make money work for everyone" as it continues to expand its product offerings in the UK and Europe.
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