News / Hargreaves Lansdown
Peter Hargreaves to step down from Hargreaves Lansdown board
Peter Hargreaves, the billionaire co-founder of Bristol-based investment platform Hargreaves Lansdown, is stepping down from the company’s board, according to the Financial Times.
Hargreaves, 79, only rejoined the board in April this year, shortly after the £5.4bn acquisition of the firm by a private equity consortium made up of CVC Capital Partners, Nordic Capital and Platinum Ivy, a subsidiary of the Abu Dhabi Investment Authority.
He will be succeeded by his son, Robert Hargreaves, who will take up his place on the board.
Hargreaves and Stephen Lansdown founded the company in 1981 from Hargreaves’ bedroom in Clifton, with the help of a part-time secretary.
Hargreaves Lansdown currently employs about 2,400 people, most of them are based at its headquarters on Anchor Road – photo: Milan Perera
The business grew rapidly, floating on the London Stock Exchange in 2007 and becoming one of the UK’s largest investment platforms.
Hargreaves stepped down as managing director in 2011 and left the board in 2015, but returned earlier this year to “provide continuity” following the takeover, a deal that saw him sell half his 20 per cent stake for around £500m.
Hargreaves Lansdown currently employs about 2,400 people, most of them are based at its headquarters on Anchor Road.
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.”
Peter Hargreaves and Stephen Lansdown founded Hargreaves Lansdown in 1981 from Hargreaves’ bedroom in Clifton – photo: Hargreaves Lansdown
Commenting on the “new chapter”, he added: “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.”
Hargreaves received a CBE in 2014 for services to business, innovation and financial services.
Main photo: Hargreaves Lansdown
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