Hargreaves Lansdown chair to quit following stinging criticism
The chair of investment platform Hargreaves Lansdown is to step down following a barrage of criticism from one of the founders of the firm.
Reports emerged yesterday that the Bristol firm has started working with headhunters on a search for Deanna Oppenheimer’s replacement.
The move comes following months of criticism from billionaire Peter Hargreaves. Hargreaves founded the business with Stephen Lansdown and helped to build the company into one of the biggest investment firms in the UK.
Peter Hargreaves
Hargreaves, who owns a 20 per cent stake in the business, has been a constant critic of Ms Oppenheimer and has called for a major overhaul of the business. He described her five-year tenure in the role as a disaster and has demanded a major cost-cutting drive across the business.
Hargreaves, who co-founded the business in 1981 told the Financial Times in January that the board had “indulged in completely unnecessary irrelevant programmes”adding “it’s hardly surprising the shares have collapsed”.
The arrival of new chief executive Dan Olley is imminent. He is replacing Chris Hill, who stepped down earlier this year.
The company, which has a market valuation of about £4bn, has seen the value of its shares slump by 60 per cent over the last five years.
Ms Oppenheimer also chairs Intercontinental Hotels Group, and is a former director of companies including Tesco and Whitbread.
A statement was issued by Hargreaves Lansdown this morning.
It said: “The board of Hargreaves Lansdown notes recent press speculation regarding Deanna Oppenheimer.
“Recognising that the AGM on 8 December 2023 will be her sixth as chair of the board, and with the chief executive transition successfully underway, aligned with good governance and succession planning practices, the board has commenced an exercise to determine the attributes of any successor chair candidates. No decisions have been taken at this time.”
