Monzo chair Gary Hoffman to step down after shareholder revolt

Gary Hoffman, the man who steered Monzo through its transformation from scrappy fintech upstart to 16-million-customer banking force, is stepping down as chair of the UK digital bank in early September 2026. The exit comes roughly a year before his term was set to expire, and it didn’t happen in a vacuum. A shareholder revolt in December 2025, led by heavyweight investors Accel and Iconiq, created the kind of boardroom friction that tends to resolve itself in exactly one way: someone leaves. What happened in the boardroom The drama traces back to February 2026, when Monzo CEO TS Anil announced his intention to step down. That triggered a swift response from the bank’s largest shareholders, who didn’t just want Anil to stay. They actively pushed for his reinstatement, and their discontent with Hoffman’s handling of the situation reportedly became a catalyst for calling for the chair’s removal as well. Hoffman has cited personal health reasons as a factor in his decision, noting his recovery from prostate cancer treatment and a desire to redirect energy toward family and personal interests. Karen Peacock has been appointed interim chair while the bank searches for a permanent replace...