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The chief government of Hargreaves Lansdown is leaving the UK’s largest funding web site after lower than two years on the helm, following its £5.4bn non-public fairness takeover.
Dan Olley, who took on the highest job in August 2023, will hand the reins on an interim foundation to Richard Flint, a former chief government of Sky Betting and Gaming, topic to regulatory approval, the corporate mentioned.
Flint was this 12 months appointed as an impartial non-executive director of Hargreaves Lansdown and made chair of the transformation committee — an advisory physique overseeing the development of the enterprise together with digital companies.
Hargreaves Lansdown mentioned Olley would stay in put up for a three-month handover interval and be obtainable to the enterprise for an additional two months after that, to “guarantee a easy transition”.
An individual near the scenario mentioned that Olley advised colleagues in a memo that he couldn’t commit for an additional 5 or extra years for private causes.
The transfer comes simply two months after a consortium of personal fairness corporations together with CVC Capital Companions, Nordic Capital and the Abu Dhabi Funding Authority, accomplished its acquisition of Hargreaves Lansdown for £11.40 a share in money.
Peter Hargreaves, who co-founded the enterprise in 1981 from his spare bed room with Stephen Lansdown, bought half his stake within the deal to retain a holding of about 10 per cent.
The corporate, which floated in 2007, grew quickly by providing people low-cost entry to funds, in addition to shares and shares. However it has confronted powerful competitors in more moderen years from rivals together with AJ Bell and Interactive Investor and shares fell from a peak of £24 in 2019 to lower than £10 in early 2024, following a expensive tech overhaul beneath earlier administration.
Hargreaves Lansdown had refocused its efforts to enhance its know-how beneath Olley, who mentioned that he was “extremely proud” of the progress made by the corporate in “specializing in delivering an improved digital expertise”.
An individual aware of the scenario mentioned Flint’s expertise within the playing sector had given him an understanding of working with weak prospects and the method of digitally remodeling a enterprise. He’s additionally chair of Butternut Field, a digital subscription pet food firm.
Chair Bruce Hemphill mentioned that Flint “has a depth of expertise main digital companies by means of transformation in addition to working companies in extremely regulated markets”.
Nordic Capital, a member of the non-public fairness consortium, had beforehand invested in Nordnet, an identical digital funding web site that underwent a know-how overhaul. Nordic Capital took the enterprise non-public in 2016 and relisted it in 2020.
The acquisition of Hargreaves Lansdown, which accomplished in March, has led to an overhaul of the funding firm’s board. Hemphill, the previous chief government of economic companies group Outdated Mutual, was named chair on completion of the deal.
The Monetary Instances revealed in April that Peter Hargreaves had nominated himself as a non-executive and put his son Robert ahead to turn out to be a board observer. Hargreaves has the best to appoint a board director and an observer on account of his remaining substantial stake within the enterprise.
