Hargreaves Lansdown appoints new chair but governance row clouds succession
Investor Hargreaves Lansdown has appointed Alison Platt as chair and a non-executive director, succeeding Deanna Oppenheimer after six years following a reported row with the firm’s co-founder.
Oppenheimer will step down at the firm’s annual general meeting on 8 December and Platt is set to join the firm’s board in early 2024, the firm said in a market update this morning.
Senior independent director Penny James – formerly CEO of Direct Line – will become interim chair from the AGM until Platt’s regulatory approval.
She will work closely with CEO Dan OIley, appointed in August of this year, as the firm battles a wave of headlines driven by a row between the firm’s founder and current management.
Oppenheimer’s decision to step down, announced in July, came after scathing criticism from the company’s co-founder and largest shareholder Peter Hargreaves over high costs, weak shares and plans to automate parts of the firm’s advice service.
Meanwhile, the firm is set to be relegated from the FTSE 100 after 12 years.
Platt is currently chair of veterinary products business Dechra Pharmaceuticals, which is going through an acquisition by Swedish investor EQT.
She was chair of L&G Financial Advice from 2019 to 2022 and chief executive of Countrywide from 2014 to 2018. She had previously held senior roles at Bupa.
Andrea Blance will replace James as senior independent director at Hargreaves Lansdown, while Roger Perkin will also step down from the board on 8 December after six years.
“I am delighted to be joining the HL Board and excited by the opportunity to work with Dan and the team as HL continues its critical work in supporting clients to make savings and investment decisions with confidence,” Platt said on Wednesday.
“I look forward to working closely with my new Board colleagues to guide HL’s next phase of growth.”
Oppenheimer added: “I’m delighted to hand over to Alison, whose broad and relevant experience across different sectors will be of great benefit and support to the HL team as they move forward.”