- His son Robert will take the reins after £5.4bn private equity takeover
The billionaire co-founder of Hargreaves Lansdown is stepping down as a board director at the investment firm.
Peter Hargreaves, 79, who set up Hargreaves Lansdown from a spare bedroom with Stephen Lansdown in 1981, is handing his board position to his son, Robert.
Mr Hargreaves’ decision to step down as a board director at the company comes months after the firm’s £5.4billion acquisition by private equity firms.
Following the private equity takeover of Hargreaves Lansdown, Dan Olley, the firm’s chief executive, left the business.
Richard Flint, known to have led digital transformations at businesses, was then appointed as Hargreaves Lansdown’s interim chief executive, while the former boss of Old Mutual, Bruce Hemphill, was appointed chair.
While Mr Hargreaves continues to own a stake in the business, the move to step down form the board marks a symbolic end to his involvement in the investing site.
Stepping down: Peter Hargreaves, the billionaire co-founder of Hargreaves Lansdown, is stepping down as a board director at the investment firm
Mr Hargreaves said the decision to pass on the role to his son Robert ‘marks a proud new chapter in the family legacy’.
Hargreaves Lansdown said Mr Hargreaves would maintain a ‘close relationship with the company and has offered to make his insight and experience available if needed’.
Mr Hargreaves said: ‘Hargreaves Lansdown is a company I have loved ever since its formation in 1981 and after the takeover, I felt it was important that I had close contact with the business.
‘I have been greatly impressed by the strength and direction of the team now leading the business and I am confident it is now well-placed for future success.
‘The appointment of Robert marks a proud new chapter in the family legacy and at 79 years of age, I look forward to enjoying a little more time in foreign sunshine and tending to my garden.’
Robert Hargreaves has been a ‘board observer’ since the takeover, meaning he can attend board meetings but not vote on decisions, and previously worked at the firm for many years.
He currently works as a marketing manager at Blue Whale, an investment fund in which Peter Hargreaves invested.
Hargreaves Lansdown chairman Bruce Hemphill said: ‘On behalf of the board, I would like to extend my deepest thanks to Peter for his vision, dedication and decades of service.
‘His leadership shaped the company and laid the foundation of its success.’
The Bristol-based firm said Mr Hargreaves had rejoined the board earlier this year to ‘provide continuity and support through a period of change’ following its takeover by a private equity consortium including buyout giant CVC Capital Partners and the Abu Dhabi wealth fund, which completed in March.
Mr Hargreaves had previously stepped down from the board in 2015. He retains a stake of around 10 per cent int he business.
Prior to the takeover agreed in August 2024, priced at £11.40 per share, Mr Hargreaves had been vocal in his disappointment with the firm’s share price. The share price had fallen from a high of £24 in 2019 to around £7 in 2024.
In the run up to the deal, co-founder Stephen Lansdown, said: ”It’s not the greatest deal in the world but it takes the company into another era when it can progress and grow.
‘I’m satisfied with it. Am I exceptionally happy with it? Probably not. But it suits. It’s a good move for the company.’
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .