Monzo Expands Outgoing CEO’s Role After Investor Pushback

British digital bank Monzo is reportedly creating an expanded role for departing CEO TS Anil.

That’s according to a report Sunday (Jan. 18) by the Financial Times (FT), which says this new role comes in the wake of shareholder backlash to the announcement of Anil’s departure.

In a surprise announcement in October, Monzo said that Anil would be leaving the chief executive’s post, replaced by Google veteran Diana Layfield. The company said at the time that Anil would shift into an advisory role and step down from Monzo’s board.

But following deliberations with investors, Monzo will keep Anil on with more authority than initially planned, sources familiar with the matter told FT. He is also likely to remain on the board, those sources said.

A spokesperson for Monzo declined to comment when reached by PYMNTS.

In announcing his departure, Anil said that the company had initially been seeking someone to serve as its new U.K. CEO when it interviewed 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 in a message to employees. “So while it wasn’t in my plan, I knew it was an opportunity I couldn’t miss for Monzo.”

However, a December report from FT said that Monzo’s board had asked Anil to step down due to concerns about the company’s growth, and about Anil’s commitment to remain with the company after it went public.

Some investors, however, felt ambushed by the decision and were happy with Anil’s work, leading to shareholder backlash and a campaign to reinstate the CEO, who had been with Monzo since 2020.

Also last month, Monzo announced it was preparing to expand to Ireland and other European markets after securing a full banking license from the European Central Bank and the Central Bank of Ireland. The company said it will first expand into Ireland, with its European headquarters and a team based in Dublin.

“Monzo has already proven that by combining the trust of a regulated bank with cutting-edge technology, we can truly transform people’s relationship with money,” Michael Carney, European Union CEO at Monzo, said in a news release provided to PYMNTS. “Today marks a significant step forward in our global mission to make money work for everyone.”