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Monzo hires former Northern Rock CEO as its chairman

Monzo Bank Ltd. will appoint former Northern Rock Ltd CEO Gary Hoffman as its nonexecutive chairman, Sky News reported Jan. 8.

The digital lender reached unicorn status with a £1 billion valuation in 2018 and is one of several challenger banks trying to disrupt the U.K.'s high street banks.

Hoffman, a former vice chairman of Barclays PLC, is widely credited with helping Northern Rock navigate the financial crisis after being appointed its CEO in 2008.

He will replace Denise Kingsmill, who has chaired Monzo's board of directors since 2015.

Tom Blomfield, the bank's CEO, confirmed Hoffman's appointment in a tweet later in the day.