The chief executive of digital bank Monzo, TS Anil, was reportedly forced to leave his role following a significant disagreement with the company's board over plans for a blockbuster stock market listing.
A Surprise Exit After Five Years
TS Anil announced his surprise departure in October 2025, after five years leading the London-based neobank. At the time, he stated that "great leaders make way for others," expressing confidence that the "business will go from strength-to-strength" under his successor. However, reports now indicate his exit was not entirely voluntary.
According to the Financial Times, Anil was locked in a battle with Monzo's board regarding the optimal timing for an Initial Public Offering (IPO). The board is understood to have wanted a new leader to drive international expansion and shepherd the company through a public listing. Anil, conversely, was said to favour a later schedule, having previously told City AM in July 2024 that he wished to grow the business "several times" larger before an IPO.
Board Questions and a New Captain
The FT further reports that Monzo's board had begun to question Anil's long-term commitment to the fintech. There was speculation that he might leave the business shortly after a public debut, a scenario the board wished to avoid.
In a move that shocked the City, the company announced that former Google executive and AstraZeneca board member Diana Layfield would take over as CEO in February 2026. Interestingly, Layfield was initially recruited to lead Monzo's UK business, reporting to Anil. During that process, Anil said he discovered she had the qualifications for the global top job.
The £6bn Float and a London-New York Dilemma
Monzo, famous for its coral pink debit cards, has long been tipped for a major public listing. Earlier reports in 2025 suggested the bank was preparing for a £6bn blockbuster float. The company's valuation had already soared to £4.5bn in October 2024 following a primary and secondary share sale.
While Monzo's board and investors have largely viewed London as the likely venue for its IPO, there was speculation that Anil personally leaned more towards listing the company in New York. This divergence in strategic vision appears to have been a key factor in the leadership change.
The appointment of Diana Layfield signals a clear intent from the board to accelerate plans for a public offering and aggressive overseas growth. Monzo has declined to comment on the circumstances surrounding Anil's departure.
