Monzo chairman Gary Hoffman is set to step down in early September, concluding a seven-year tenure at the digital bank. Hoffman, an industry veteran, previously led Northern Rock following its government rescue during the financial crisis.
Karen Peacock, a current member of the Monzo board, will serve as interim chairman while the bank searches for a permanent replacement.
Founded in 2015, Monzo has grown to serve over 15 million retail customers. The digital bank recently announced it had become the first of its kind to reach one million business customers. Hoffman's departure follows the recent appointment of ex-Google executive Diana Layfield as Monzo's chief executive.