Monzo chair Gary Hoffman will step down in early September after nearly eight years at the digital bank, with board member Karen Peacock set to become interim group chair subject to regulatory approval as the FinTech prepares for its next phase of UK and European growth.

Hoffman, who joined Monzo in 2019, will remain available to support Peacock until the end of the year while the company searches for a permanent successor. His departure comes months after a shareholder revolt over the removal of former chief executive TS Anil, which exposed tensions between investors and the board over the bank’s strategy.

The Financial Times reported that some of Monzo’s largest shareholders pushed for Hoffman’s removal after Anil was ousted in October 2025. The campaign was dropped in January following negotiations, while Anil was subsequently appointed to Monzo’s board after initially being expected to leave the company.

Hoffman said his decision to leave was prompted by the bank entering a new stage of development. “While it was tempting to stay for my full nine-year term, this feels like the natural time to depart as Monzo pursues its next phase of growth,” he said.

The chair’s tenure has coincided with a rapid expansion in Monzo’s customer base, which has grown from about 1.6 million to more than 16 million. Revenue increased 39 per cent to £1.7 billion in the financial year to March 2026, while Monzo recorded pre-tax profit of £87 million.

Monzo has shifted its international strategy during Hoffman’s tenure, securing a full European banking licence and deciding to close its US operations in favour of expansion across Europe. The bank was valued at about $6 billion in its latest secondary share sale, while Sky News reported that investors now value the company at more than £10 billion as it considers a potential stock market listing.

Peacock joined Monzo’s board in October 2025 after previously serving as chief executive of customer service software company Intercom and holding senior positions at Intuit. She said she would continue building on Hoffman’s work while Monzo focuses on “exciting growth opportunities” in the UK and Europe.

Hoffman said he had come through several years of treatment for prostate cancer and wanted to spend more time with his family and pursue his interest in sport. He previously held senior positions at Barclays and Northern Rock and has chaired Northamptonshire County Cricket Club since 2024.

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