Monzo Chairman Gary Hoffman to Step Down After Nearly Eight Years

Monzo's chairman, Gary Hoffman, is stepping down from the role after nearly eight years. Hoffman, a banking veteran with 25 years at Barclays and former CEO of Northern Rock, will be replaced by Karen Peacock, a Monzo non-executive director, on an interim basis.

## Background on Gary Hoffman

Gary Hoffman has been a key figure in Monzo's growth and development. Under his leadership, the digital bank has expanded significantly, with its customer base growing from 1.6 million to over 16 million. Hoffman has also been involved in a reported boardroom battle with some Monzo shareholders over the departure of its former CEO, TS Anil.

## Interim Replacement and Future Plans

Karen Peacock, a Harvard and Stanford graduate, will take over as interim chair of Monzo. Peacock has a strong background in leadership, having served as CEO of Intercom and general manager of Intuit. She will continue to build on Gary Hoffman's work and focus on delivering for Monzo's customers and exploring growth opportunities in the UK and Europe.

## Quotes from Gary Hoffman and Karen Peacock

Gary Hoffman expressed his pride in Monzo's growth and development, stating that he will leave with immense pride knowing that his colleagues have created one of the UK's leading banks. He also mentioned that he wants to focus on his family and passion for sport after successfully completing his prostate cancer treatment.

Karen Peacock commented on the progress Monzo has made under Hoffman's leadership, stating that the bank has grown to 10 times its original scale and is now dedicated to making money work for everyone. She will continue to build on Hoffman's work and focus on delivering for Monzo's customers.

## Key Statistics

| Customers (when Hoffman joined) | Customers (now) | | --- | --- | | 1.6 million | 16 million |