Peter Hargreaves has stepped down from his role of executive director at Hargreaves Lansdown, the discount broker and advisory firm he founded with Stephen Lansdown.
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.”