Termination of appointment of Tom Blomfield as a Director

Monzo Chat
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Posted without comment:

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Tom now joins the likes of Steve Jobs then

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Can you be both a director & president of an organisation?

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Just what I was about to ask.

Tom was trying to avoid red-tape and snore bore meetings, this seems like a good way to do that!

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I did a quick google and this page suggests President generally is 2nd in command to CEO, though some of the startups myself/friends have worked at have a CEO and then the Founder, with the CEO reporting in to the founder.

Iā€™m assuming Tom will still retain ā€œthe big visionā€ without the worry about all the doing that comes with.

Does Tom have majority of shares still?

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I think youā€™ll find Tom is very much alive.

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Iā€™m talking 1984 not 2011 thankfully.

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They will keep Tom about as a face that is all

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Doubleplusgood.

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The exact opposite. Tom gets on with running the company, while TS Anil is the public facing CEO.

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Looks like Tom is being fully removed from leadership and major decision making at Monzo: https://www.altfi.com/article/6773_monzo-co-founder-tom-blomfield-steps-down-from-board-

I canā€™t think of a single reason why he would voluntarily step down. Thereā€™s no reason they couldnā€™t have created another seat for TS Anil on the board. It really feels like they want him out of the day-to-day running of the company. Based on all the recent news (omission of stock sale from company house etc etc.), this should have happened a long time ago.

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To secure funding in the most recent round possibly.

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I could think of several reasons why he voluntarily stepped aside from his CEO role and agreed to be President of the Company :slight_smile:

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How much does he earn?

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I donā€™t think thatā€™s publicly available. The annual report has the figure for the best paid employee, though, who may or may not be Tom, if you want to look it up.

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From 31st March:

It is understood that Blomfield will forgo his salary for 12 months, while Monzoā€™s senior management team and board will take a 25% pay cut.

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Being a director or not is not necessary for an executive. It has legal obligations attached to it and in many bigger businesses the executive team tend not to be the directors. For example, the new CEO hasnā€™t been appointed to the board.

However, I wish Monzo would start managing the optics better. This message board will make or break the company in the long term. It would be better if there were many active spokespeople on here. It would instil a lot more confidence and reduce speculation.

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Iā€™m curious (as an advocate of the community) how/why you think itā€™ll make or break the company.

The community is brilliant but itā€™s not representative of the 4+ million customers we have.

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