(Alliance News) - Hargreaves Lansdown PLC on Monday said that it is looking for a new chair, confirming an earlier report from Sky News.
Sky News on Monday said that the UK-based digital wealth management service's chair, Deanna Oppenheimer, is to step down after "a stinging attack" from its Co-Founder Peter Hargreaves.
"News of the hunt for its next chair comes nine months after Peter Hargreaves, who owns a 20% stake in the business he co-founded, blasted Ms Oppenheimer over its performance. Mr Hargreaves called for a radical cost-cutting programme and said Ms Oppenheimer's five-year tenure had been 'a disaster'," Sky News reported.
https://news.sky.com/story/hargreaves-lansdown-chair-to-step-down-amid-pressure-from-founder-12922381
Later on Monday, Hargreaves Lansdown noted the report.
"Recognising that the AGM on 8 December 2023 will be her sixth as chair of the board, and with the CEO 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," Hargreaves Lansdown said.
"No decisions have been taken at this time," it added.
In June, the company confirmed that Dan Olley will join the business as CEO on August 7.
Chris Hill will step down as chief executive and from the board, with effect from the same date, and thereafter will support Hargreaves Lansdown until November, in order to provide continuity and ensure an orderly transition.
Hargreaves Lansdown shares closed down 0.4% to 836.60 pence each in London on Monday.
By Sophie Rose, Alliance News reporter
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Hargreaves Lansdown (HL.)
