Monzo’s chair Garry Hoffman is set to leave the UK neobank next month, ending his tenure more than a year ahead of schedule following a turbulent period in the boardroom.
Hoffman’s nine-year term permits him to stay significantly longer, but he will formally depart as early as next month, with his official exit date slated for early September.
Non-executive director Karen Peacock will step in as interim chair while the fintech begins its search for a permanent replacement to lead the board.
Hoffman originally joined Monzo in 2019, bringing with him experience as former chair of Coventry Building Society and chief executive of Northern Rock.
His exit follows a deeply unsettled stretch for the digital bank, which serves over 16 million customers and has faced significant leadership upheaval in recent months.
Long-standing chief executive TS Anil announced in October 2025 that he would step down, paving the way for former Google executive Diana Layfield to take over as group chief executive.
It later emerged that Anil had been locked in battle with the board over the timing of a potential public listing, with the former chief keen on an earlier schedule than the board preferred.
London had been viewed as the likely venue for any IPO by Monzo’s board and investors, though speculation pointed to Anil favouring New York as an alternative listing destination.
Anil subsequently returned to the Monzo board in a vice-chair capacity following a shake-up, after a group of loyalists to the former boss threatened a rebellion against Hoffman.
In April, Monzo confirmed its withdrawal from the US market as the company looked to concentrate more heavily on its European ambitions, having received a full banking licence from the European Central Bank in December 2025.
Rupert Keeley has also taken on the role of chair of the UK business as part of the broader leadership restructure currently underway at the fintech firm.
Hoffman addressed his decision to leave, saying: “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 boardroom turbulence has done little to slow Monzo’s broader momentum, as the company pushes forward with an expanding European strategy and growing customer base.