Monzo's Gary Hoffman to Exit Board Chair Role in September After Eight-Year Tenure and Shareholder Battle
Monzo’s Gary Hoffman to Exit Board Chair Role in September After Eight-Year Tenure and Shareholder Battle #
Gary Hoffman is stepping down as Monzo’s board chairman in early September, ending an eight-year tenure at the UK digital bank. His departure, first reported by Sky News, comes months after a shareholder revolt that followed former CEO TS Anil’s exit.
Hoffman joined Monzo in 2019 after senior roles at Barclays, where he spent 25 years, and a stint as chief executive of Northern Rock during its government rescue and return to private ownership. He also previously served as chair of Coventry Building Society. During his time leading the board, Monzo’s customer base grew from 1.6 million to more than 16 million.
The dispute began in October 2025, when Monzo announced that Anil would step down as group CEO and be replaced by Diana Layfield, a former executive at Google and Standard Chartered. The move drew a backlash from the bank’s largest shareholders, including venture capital firms Accel and Iconiq, who pushed for Anil’s reinstatement and called for Hoffman’s removal. Investors holding more than 40 percent of Monzo’s shares were reported to support the revolt.
The situation was partially resolved in early 2026, when Anil was appointed to Monzo’s board as vice-chair alongside new non-executive directors, including Vinay Yarlagadda of existing investor GIC. Layfield formally took over as CEO at that point, though pressure on Hoffman continued.
According to Tech.eu, Hoffman’s decision to step down is his own and has followed his treatment for prostate cancer. He will leave before the natural end of his nine-year term.
Monzo non-executive director Karen Peacock will serve as interim chair while the company searches for a permanent replacement. Peacock previously served as CEO of enterprise messaging platform Intercom and as general manager at financial software company Intuit.
Monzo was valued at $5.9 billion in a 2024 fundraising round and received a European banking licence late last year.
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