According to Sky News, Monzo will be announcing Gary Hoffman as the Non Exec Chairman. Wonder how this will change Monzo if at all?
Just heard the news I hope it doesn’t change much but overall brilliant news.
What does that role entail, exactly?
What makes you say it’s brilliant news?
Because of the experience eg with Northern Rock he’s a big name in the banking sector but I’m no expert but it’s good to have someone with huge experience on the board.
What exactly does a non-exec chairman do?
Think he needs to do a Q&A
The role of chairman/chairwoman tends to be a very hands off role, you can read quite a good description here.
People may hear Northern Rock and panic, but the role he played in the bank was actually one after the collapse, he wasn’t appointed until well after it. He steered them through to nationalization - and helped stop a lot of worse things happening. The bank started facing issues in late 2007, and he didn’t join the company until October 2008. Check out this article for info on that.
Great to see him get the appointment, I’m sure he’ll be a great addition to the board and will be able to provide sound advice.
Top professional in the banking industry.
Experience at Board level (20 years+) with Barclays and most notably Barclaycard
Helped steady the ship at Northern Rock after their collapse
This is very interesting. I wonder how this shapes the future @
Hopefully it will lead to all things positive & making it even more successful than previously.
He does has a good reputation - although a few negatives - but no one has over 20 years in finance with 100% positive impact & success.
It’s fair to say the Twitter thread replying to Sky News is definitely NOT positive about this…
It’s a shame that people hear the name “Northern Rock” and they immediately stop listening and avoid additional context.
As has already been mentioned, he headed the company after the crisis.
Yep, the response in Slack had some negative responses in it initially - so felt I’d highlight his positive contribution here
When you think of the support Tom will need over the next few years it makes complete sense. Someone to speak to institutional investors, someone to help steer towards IPO if that’s desired and someone who helped deal with a very tricky banking situation at Northern Rock so inevitably has a load of experience.
As a bank Monzo needs to be strong and stable and expertise from the conventional world of banking can help in that mission. On saying that I really hope he’s a nutty gunslinger who’ll help steer the ship as it disrupts and destroys the monolithic dinosaur banks. Yeehah!
I can’t think of a positive of hiring a corporate suit into monzo
However far out on a limb they are, they can’t escape the ecosystem
I contract to a similar company to monzo in a different sector and it was brilliantly non corporate but as growth hits the suits arrive treading on everyone as they enter.
There is a stark difference between the originals and the new joiners.
At least in my opinion Monzo has done well to retain the charm, culture, character and most importantly values that it started out with - the staff I see them hiring now, to me from the outside no different from the staff they hired on day 1 - finding staff who are the right cultural fit is important for any successful organisation, and Monzo seems to be baring in mind that they shouldn’t diminish their existing culture in the hiring of new staff.
All my opinion from the outside, may be completely wrong.
I hope so I really do