Monzo chairman Gary Hoffman to depart in September

Gary Hoffman will step down as chairman of the UK-based fintech Monzo in early September. Karen Peacock, a non-executive director who joined the board last October, will serve as interim chair while the company searches for a permanent successor.

Hoffman, who joined Monzo in 2019, stated that his departure feels like a “natural time to depart as Monzo pursues its next phase of growth.” He also noted that his decision was influenced by a desire to focus on family following successful treatment for prostate cancer.

The leadership change follows a period of internal tension. Last year, shareholders lobbied for Hoffman’s removal following the board's decision to replace CEO TS Anil with Google veteran Diane Layfield. While the shareholder effort to oust Hoffman ended in January after negotiations, the transition occurs as Monzo scales its operations, having grown from 1.6 million to 16 million customers during Hoffman's tenure.

Monzo recently reported a 44% increase in profit for the fiscal year ending in March and has been pursuing various strategic shifts, including securing a European banking license and withdrawing from the U.S. market.