The chairman of Hargreaves Lansdown is to step down amid a barrage of criticism from one of many co-founders of Britain’s greatest retail funding platform.
Sky News has learnt that the corporate has began working with headhunters on a seek for Deanna Oppenheimer’s successor.
An announcement confirming the transfer is regarded as imminent.
News of the hunt for its subsequent chair comes 9 months after Peter Hargreaves, who owns a 20% stake within the enterprise he co-founded, blasted Ms Oppenheimer over its efficiency.
Mr Hargreaves referred to as for a radical cost-cutting programme and mentioned Ms Oppenheimer’s five-year tenure had been “a disaster”.
Hargreaves Lansdown is ready for its new chief government, Dan Olley, to reach from Tesco within the coming weeks.
Mr Olley will substitute Chris Hill, who stepped down earlier this 12 months.
The firm, which has a market valuation of about £4bn, has seen its shares droop by about 60% over the past 5 years.
During that interval, rival AJ Bell has joined it on the London inventory market, whereas Interactive Investor was offered to abrdn for £1.5bn.
Ms Oppenheimer additionally chairs Intercontinental Hotels Group, and is a former director of firms together with Tesco and Whitbread.
The seek for her successor shall be led by Penny James, the previous Direct Line Group chief who’s Hargreaves Lansdown’s senior unbiased director.
Hargreaves Lansdown has been contacted for remark.
Content Source: information.sky.com