Former Monzo finance chief says that executive changes at digital bank is a “natural evolution”

By John Reynolds on Tuesday 26 November 2019

Digital Banking

Gary Dolman said being older was never a problem at Monzo.

Former Monzo finance chief says that executive changes at digital bank is a “natural evolution”
Image source: Image of Lisa Nowell provided by Monzo

The former Chief Financial Officer (CFO) of Monzo said it was a "natural evolution" that there had been be a number of senior personnel changes at Monzo and denied there had been an excessive number of recent executive switches.

Gary Dolman, the former CFO at Monzo, said: "The way I view this is if you go from when I started with nine people sat around the room looking at PowerPoint slides and it's now 1,200 people with 3.2m customers. It has gone from being a microdot through to a medium sized company which continues to grow.”

He said because of its growth there was a "natural evolution" of senior appointment changes at Monzo.

He added: "As you go through that [growth] some people who are good at a certain stage and then certain people who are better as it goes to the next stage. I see that as a natural evolution."

Dolman was speaking after it was reported that Monzo's Chief Operating Officer is leaving Monzo, the latest senior personnel change at the bank.

Tom Foster-Carter, who became Monzo's Chief Operating Officer in August 2017, is leaving to launch his own grocery start-up.

Other recent personnel changes at Monzo include the appointment of ClearBank's Chief Risk and Compliance Officer Lisa Nowell (pictured) as its new Chief Risk Officer and the appointment of Deloitte consultant Sheree Atcheson as its Head of Diversity and Inclusion. 

Earlier in the year, Tom Dolan, the lender's Treasurer and former Deputy Chief Financial Officer, left to join rival banking start-up Cashplus while Dolman himself retied earlier in the year.

The operations lead at Monzo Bobbi Nicholson has admitted that the bank is working on new ways to encourage staff turnover at the company, according to Yahoo.

“Something we could do better at is making it really possible and a really great experience for people to leave when they know that it’s time,” Nicholson said at a a recent fintech conference.

Dolman also said he never felt uncomfortable working at Monzo, despite Monzo CEO Tom Blomfield saying that Monzo staff in their 40s and 50s "find it much harder to integrate".

Most of Monzo's staff are in their 20s and 30s and Bloomfield said Monzo is "not great at age diversity".

Blomfield said: "Most of our staff are in their 20s and 30s, and people in their 40s and 50s find it much harder to integrate."

Dolman, who is 57, said he never felt uncomfortable working at Monzo and that the bank was very supportive.

"In terms of being a 57-year-old in the company of people who are younger from my side it was more 'does this look right?'"

"The culture there in terms of people to work with are great. It is a very supportive culture that I have never experienced in my investment banking days."



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