Hargreaves has stepped down from the board with immediate effect. Hargreaves Lansdown shares fell 2.4 per cent within a few minutes of the announcement.
Hargreaves and Lansdown set up the business in the early 1980s, operating from his home. Today it has a market capital of £5.4bn
He intends to spend more time with his family but will remain involved with the company.
Hargreaves 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.”
