Hargreaves Lansdown chair expected to resign following pressure from founder - reports
In October, Oppenheimer was re-elected with 66.5% of the vote at the firm's annual general meeting, after Hargreaves publicly called on her to step down.
Hargreaves, who owns a 20% stake in the company he founded alongside Stephen Lansdown in 1981, left the board in 2015 and recently lashed out at the chair over the performance of the firm.
«Look at the performance of the company while Oppenheimer has been chair — it has diabolical,» Hargreaves said in October last year. «She has presided over a disaster.»
Peter Hargreaves blasts HL chair over performance
Sky News reported earlier today that the firm has begun working with recruiters to replace the current chair.
In October, Oppenheimer was re-elected with 66.5% of the vote at the firm's annual general meeting, after Hargreaves publicly called on her to step down.
A spokesperson for the investment platform told Investment Week that although Oppenheimer was re-elected at the AGM with the «necessary majority», they recognised it was not the strongest result, adding: «The board will consult with the specific shareholders who did not vote in favour to understand any concerns.»
In December, Hargreaves Lansdown revealed its new CEO, Dan Olley, who is due to begin his role in the coming weeks.
Hargreaves founder tells incoming CEO to ditch advice plans
At the time of the CEO appointment, Hargreaves again publicly criticised the firm, describing plans to build an advice business within the online broker as «rubbish». He suggested Olley should scrap the plan and «do the opposite» of the former CEO Chris Hill.
Sky News reported the search for Oppenheimer's successor will be led by Penny James, the firm's senior independent director.
Hargreaves Lansdown has been contacted for
Read more on investmentweek.co.uk
