Monzo Chair Gary Hoffman to Exit Amid Boardroom Rift

Monzo chairman Gary Hoffman is set to make an early exit from the UK fintech next month, concluding his tenure over a year before his nine-year term permits. His departure follows a period of turmoil within the neobank's boardroom, including disputes over the timing of a potential public listing and the role of CEO TS Anil.

Hoffman, who joined Monzo in 2019, will be replaced by non-executive director Karen Peacock as the search for a permanent successor begins. The fintech, which boasts over 16 million customers, has experienced significant boardroom friction, including the departure and subsequent return of Anil. Reports indicate that shareholders had been pushing for Anil's reinstatement and Hoffman's removal, citing strategic disagreements, particularly concerning the timing and location of an initial public offering (IPO).

Monzo's board had been considering London as a likely venue for an IPO, though Anil and some backers reportedly favored New York. In April, the company announced it was withdrawing from the US market to concentrate on European expansion. Monzo received a full banking license from the European Central Bank in December 2025. Hoffman stated that with Diana Layfield as group chief executive, Rupert Keeley as chair of the UK, and Karen Peacock ready to take on the role of interim chair of the Group, it felt like the natural time to depart.