Overview
- Garry Hoffman will step down from the Monzo chair role in early September, ending his tenure about a year before his term was due.
- Non-executive director Karen Peacock has been named interim chair while Monzo searches for a permanent replacement and installs Diana Layfield as group chief executive.
- The leadership shake-up followed disputes over former CEO TS Anil’s planned exit and disagreement inside the board about timing and location of a potential IPO.
- Major investors Accel and Iconiq led a reported shareholder revolt in December 2025 that intensified pressure on the board and influenced the governance changes.
- Monzo now faces the task of steadying relations with activist backers, supporting a new CEO, and executing a Europe-first strategy after withdrawing from the US and winning an ECB banking licence for its more than 16 million customers.