Hargreaves appoints Dunnhumby head as chief executive

Hargreaves appoints Dunnhumby head as chief executive
Dan Olley, currently chief executive of Dunnhumby, will become chief executive of Hargreaves Lansdown in the new year

Hargreaves Lansdown has appointed board member Dan Olley as chief executive with effect from 2023. 

The move, subject to regulatory approval, will see Olley leave his current position as chief executive of customer data science company Dunnhumby, where he has been chief executive since January.

Hargreaves's current chief executive Chris Hill, who announced his retirement in October, will remain in place until Olley joins the Bristol-based company and will then provide support until November 2023.

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Olley has been a member of the Hargreaves Lansdown board since June 2019.

Hill's retirement was announced as the FTSE 100 company was hit by a lawsuit over allegations it recommended the Woodford Equity Income fund to investors despite knowing about the liquidity issues faced by the vehicle.

Hill, who spent six years in the role, previously said the company urged Woodford to change his strategy after the fund manager began increasing the fund’s exposure to small and unquoted assets.

The fund remained on Hargreaves's buy list despite an extended period of poor performance and Hargreaves has since confirmed it had concerns about the fund for 18 months before its eventual suspension.

Commenting on Olley's appointment, Hargreaves Lansdown chairperson Deanna Oppenheimer said she looked forward to working with him in a new capacity having been impressed with his “strategic insight” and experience in digital transformation.

“His strong transformation leadership across complex scale businesses and experience of driving growth and client engagement through digital change is a great match for Hargreaves Lansdown as we continue to deliver on our strategy,” Oppenheimer said.

Dunnhumby is a subsidiary of Tesco and helped establish the supermarket's Clubcard scheme in the 1990s.

Olley said he was “tremendously excited” at the opportunity to lead the business and described Hargreaves as a company with an “exceptional track record, a strong strategic position and a formidable brand”.

He said: “Having joined the board in 2019, I have a deep understanding and passion for the business. Hargreaves Lansdown has a clear purpose, highly talented people and an obsession for client service.”

Before joining Dunnhumby, Olley spent 17 years at Relx where he held a series of senior digital roles.