Digital bank Monzo has appointed Gary Hoffman, former CEO of Barclaycard and Northern Rock, as its new non-executive chairman.
Hoffman led Northern Rock through its emergency bailout in 2008 after being appointed CEO in the same year. Following that he was appointed the CEO at NBNK Investments, which was wound up in 2016 after failing to achieve its aim of building a new UK banking business by acquiring other banks. He is currently chairman of insurance company Hastings and and Coventry Building Society.
Hoffman will replace Labour peer Baroness Kingsmill, who has chaired Monzo since its formation in 2015.
Monzo has over 1 million customers but is still a loss-making business. (Image: Monzo)
For Monzo, this appointment signals its ambitions to move from a challenger bank to a genuine competitor with the major, traditional high-street banks. Monzo is still a loss-making business, and may be aiming to use Hoffman's appointment as a way to help it gain further connections and credibility. The young bank has more than 1 million customers, with its sights set on being more than "just" a bank -- its ambition is to be at the center of its users' financial lives.
Monzo co-founder and CEO Tom Blomfield commented: "I'm excited to bring Gary onto the Monzo board as we look forward to 2019 and beyond. Gary's experience in banking and insurance will be a huge support as Monzo really starts to go mainstream. I'd also like to thank Baroness Denise Kingsmill for her time as Chair, and Tim
Brooke, who stepped in as interim Chair in 2018, for his hard work and ongoing support.”
Hoffman himself, meanwhile, said: "I have watched the development of the challenger bank landscape carefully. Monzo's proposition and potential is incredibly impressive and I am delighted to be taking on the role of Chair to help Tom and his team in the next stages of their exciting journey."