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Monzo Chair Departs Amidst Boardroom Shake-up
17 Aug
Summary
- Monzo's chair, Gary Hoffman, is leaving the fintech next month.
- His departure follows a shareholder revolt over the previous CEO's ousting.
- Karen Peacock will serve as interim chair while a replacement is sought.
Monzo chair Gary Hoffman will depart the digital bank next month, with interim leadership to be provided by non-executive director Karen Peacock. This decision comes after a period of significant boardroom turmoil and an investor revolt in late 2025, which began when the board removed TS Anil as chief executive. The conflict exposed strategic disagreements regarding Monzo's international expansion and competition with rivals like Revolut.
Anil was replaced by Diana Layfield in February 2026, who has since focused the company on European markets and announced the closure of US operations. The shareholder campaign to remove Hoffman as chair was eventually dropped in January 2026 following negotiations. Hoffman stated that his departure felt like the natural time for Monzo's next phase of growth, also mentioning his recovery from prostate cancer treatment and a desire to prioritize family.
