Peter Hargreaves steps down from HL board
Hargreaves Lansdown founder Peter Hargreaves (pictured) has stepped down from the firm’s board, it has been announced, sending shares down by 3.9 per cent to £11.89 per share.
The former Clitheroe Royal Grammar School boy had already stepped down as chief executive in 2010 and became executive director.
He said: “I believe this is the right time for me to step down from the board. The group continues to perform strongly and I have every confidence in the strong management team and the well diversified board to look after my interests in the group.”
According to a statement, the 68-year-old said he planned to continue to work in the business, but would spend more time with his family and pursuing outside interests.
“I will, of course, remain in close touch as a major shareholder,” he added.
Mike Evans, chairman of Bristol-based Hargreaves Lansdown, said: “Peter has been instrumental to the success of the group and has personally overseen its development into a financially secure, profitable, client-focused, FTSE 100 business.
“I am sure we will continue to benefit from his experience and insight as both an employee and a major shareholder. On behalf of the board and indeed the whole group, I would like to express my gratitude to Peter for his immense contribution to the group to date.”
Lancashire-born Mr Hargreaves, who initially trained as a consultant, set up the company trading from a bedroom in 1981 and with co-partner Stephen Lansdown turned it into one of the country’s largest financial services businesses, with 904 employees.
The Bristol-based firm floated on the FTSE 250 in May 2007
and was promoted to the FTSE 100 Index in 2011.
In the 2014 New Year honours list he was awarded a CBE for services to business innovation, financial services, and the City of Bristol.
Hargreaves Lansdown now has £49.1bn under administration or management on behalf of private investors, as of December 2014.
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Alistair Cunningham, financial planner at Surrey-based Wingate Financial Planning, said: “He has made a positive contribution to a business that he has built and which is the most successful direct-to-customer platform in the country. He would not be stepping down if he did not believe there was management in place to take the business forward.”
