Hargreaves Lansdown co-founder to step down and hand board role to son

Hargreaves Lansdown co-founder Peter Hargreaves is retiring and handing his board position to his son following the investment firm’s £5.4 billion private equity takeover.

Mr Hargreaves, who recently celebrated his 79th birthday, said the decision to pass on the role to his son Robert “marks a proud new chapter in the family legacy”.

The Bristol-based firm said he had rejoined the board earlier this year to “provide continuity and support through a period of change” following its takeover by a private equity consortium including buyout giant CVC Capital Partners and the Abu Dhabi wealth fund, which completed in March.

Mr Hargreaves founded the business from the back bedroom of his house in Clifton with Stephen Lansdown in 1981.

His co-founder Mr Lansdown retired in 2012.

Mr Hargreaves had previously stepped down from the board in 2015, although he has retained a stake in the firm, as did Mr Lansdown.

The company said Mr Hargreaves will maintain a “close relationship with the company and has offered to make his insight and experience available if needed”.

Mr 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.

“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.”

Robert Hargreaves has been a “board observer” since the takeover, meaning he can attend board meetings but not vote on decisions, and previously worked at the firm for many years.

He currently works at Blue Whale – an investment fund in which Peter Hargreaves invested.

Hargreaves Lansdown chairman Bruce Hemphill said: “On behalf of the board, I would like to extend my deepest thanks to Peter for his vision, dedication and decades of service.

“His leadership shaped the company and laid the foundation of its success.”