Hargreaves Lansdown co-founder and executive director Peter Hargreaves has stepped down from the board of the firm he helped to set up in 1981.
Along with Stephen Lansdown, Mr Hargreaves spearheaded the discount broker’s ascent into the FTSE 100 but he has decided to reduce his workload to pursue interests outside of the industry.
Mr Hargreaves said: “I will continue to work in the business, but will spend more time with my family and pursuing outside interests.
“I will, of course, remain in close touch as a major shareholder.”
Investors reacted negatively to the announcement and shares in Hargreaves Lansdown quickly fell by more than 5 per cent.