Hargreaves Lansdown founder quits board for pastures new
HARGREAVES Lansdown co-founder Peter Hargreaves yesterday said he will step down from the board of the company he founded 34 years ago, saying it was the “right time” for him to go.
Hargreaves, who with Stephen Lansdown founded the online stockbroker in a Bristol bedroom in 1981, will continue to work at the group but relinquish his role as executive director.
It leaves chief executive Ian Gorham as the sole executive leader of the group and comes after the departure of longstanding chief financial officer Tracey Taylor, who stepped down from the group after 15 years in December.
“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,” Hargreaves said.
Shares closed down just over two per cent in the wake of the announcement.
Hargreaves still owns 32 per cent of the business, listed on the FTSE 100, with Lansdown owning 16 per cent of the group.