Monzo plans to offer outgoing CEO TS Anil an expanded role following investor backlash, according to the FT, signalling a shift in strategy after concerns were raised by some of the digital bank’s most influential shareholders.
The British mobile banking firm is now expected to keep TS Anil closely involved with the company after he steps down as chief executive next month, the Financial Times reported on Saturday, citing people familiar with the discussions. The move represents a concession to investors who were unsettled by the initial announcement of his departure.
Monzo declined to comment on the report when contacted by Reuters.
In October, the bank confirmed that Anil would leave his CEO post in February, ending nearly six years at the helm. He is set to be succeeded by Diana Layfield, a former Google executive, as part of a planned leadership transition.
Originally, Monzo intended for Anil to take on a limited advisory position and step away from the board altogether. However, following talks with key shareholders, the company has revised its approach and now plans to retain him in a more substantial capacity, according to the FT.
While the specifics of Anil’s future role have yet to be finalised, the report said he is likely to keep his seat on the board and assume a broader remit than first envisioned, ensuring continuity as Monzo enters its next phase of growth.
