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 non-executive director Karen Peacock as the hunt begins for a permanent replacement. Hoffman joined Monzo in 2019 after previously serving as chair of Coventry Building Society and chief executive of Northern Rock.
His departure will follow a testing time for the digital bank, which boasts over 16m customers, with the departure and subsequent return of long-standing boss TS Anil.
Anil said in October 2025 he would step down to make way for former Google executive Diana Layfield to take the reins as group chief executive.
It later emerged the former fintech chief had been locked in battle with the board regarding the timing of a public listing with the former chief keen on an earlier schedule.
Monzo’s boardroom IPO dispute
London had been viewed as the likely venue by Monzo’s board and investors, but there was speculation Anil was leaning more towards New York.
Anil later returned to the Monzo board in vice-chair capacity during a shake-up after a collection of loyalists to the former boss threatened a rebellion against Hoffman.
In April, Monzo confirmed it had withdrawn from the US market as it hoped to double down on European ambitions. In December 2025, the fintech received a full banking licence from the European Central Bank.
Hoffman said: “While it was tempting to stay for my full 9 year term, with Diana Layfield, as group chief executive officer, Rupert Keeley as chair of the UK and Karen Peacock ready to take on the role of interim chair of the Group this feels like the natural time to depart as Monzo pursues its next phase of growth.”
The official departure date is slated for early September.