It makes sense. Running a startup in its first few years is a very different job to running a large company, and a person that is good at one won’t necessarily be good at another. It’s not unusual for a founding CEO to step aside once the company hits a certain size - it happened at Google.
I am a little confused. The Telegraph describes Monzo as a payment company!
They’ve probably done scant research and seen he helped found GoCardless.
The use of this word does not surprise me
I don’t like it, maybe that’s just me, maybe they have a different meaning for it. But if the CEO and president of my old company was talking about vision I’d be a little worried about the future of the company. Vision doesn’t make a company, a good plan and execution of it does.
I mean, someone who can count is probably useful as CEO, but you need someone who can think strategically, who can understand the market and set achievable goals for the company. That’s not a numbers guy.
I don’t think quoting someone who doesn’t know anything is a good idea for a story
How much did the former ceo sell off?
Personally I think I need to see more info, what does president actually entail in this case. There’s lots of assumptions but no actual word from monzo at all.
I would have expected this info in some sort of investor update, but last time one of those turned up was way back in February.
Explains why investors were clearing the deck, including firing a wonderboy visionary.
40% drop in valuation is a disaster.
What about those who invested in the 2019 round with bank-provided overdrafts?
I wonder how much more cash they will burn through? Maybe the buyout isn’t coming. I remain to be convinced that Monzo actually has a plan to become profitable.
Golden rule in finance applies to venture-backed technology startups as well.
Never. Lose. Investors’. Money.
Well that’s a reliable way to reduce their “diversity debt” and improve their “inclusion statistics” I suppose.