The company said the transition was happenstance. It had been seeking a new United Kingdom CEO to report to Anil and found in Google veteran Diana Layfield, someone who could fill the top job.
However, the Financial Times reported Tuesday (Dec. 16) that Anil was actually asked to step down due to tensions between him and the board over the pace of its global expansion and his commitment to the company after a potential listing.
The timing of Monzo’s planned initial public offering was a central aspect of the disagreement, with Anil arguing for an earlier listing than some board members wanted, the report said, citing unnamed sources. He also indicated he could leave Monzo soon after its market debut.
A spokesperson for Monzo declined to comment when reached by PYMNTS.
Some board members wanted to give Monzo more time to expand and raise its valuation before its IPO, with some arguing these areas had suffered under Anil’s watch, according to the report.
Anil was “really excited about a listing,” but there were doubts about his long-term commitment to staying on as CEO, the report said. The board wanted a new chief who would lead Monzo’s international strategy and guide it to its IPO.
In a memo to staff in October, Anil described the process for hiring Layfield, former general manager of search international and growth at Google.
“Through our conversations, it became clear to me that she’d be a fantastic leader who could drive the business at the global level, into this next chapter and beyond,” Anil wrote. “So, while it wasn’t in my plan, I knew it was an opportunity I couldn’t miss for Monzo.”
Anil, who joined Monzo in 2020 from Visa, will move into an advisory role at the company, the memo said.
“It’s always been my belief that great leaders make way for others—it’s something that’s been done before at Monzo when the baton was handed to me, and it’s why the business will continue to go from strength to strength under Diana’s leadership,” Anil said in a statement provided to PYMNTS at the time.
Also on Tuesday, Monzo announced another effort at expansion, with plans to acquire U.K. digital mortgage broker Habito.
