Peter Hargreaves has stepped down from the board of Hargreaves Lansdown, the firm he co-founded with Stephen Lansdown in 1981, with immediate effect.
Hargreaves says he wants to spend more time with his family and pursue other interests but will remain “in close touch” as a major shareholder.
He says: “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. 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.”
Chairman Mike Evans says: “Having founded this business with Stephen Lansdown in 1981, 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.”
Hargreaves’ share price had slumped by over 4 per cent at the time of writing.