Hargreaves Lansdown's share price dropped 4.4 per cent this afternoon as it revealed co-founder Peter Hargreaves was stepping down from the board of the company that bears his name.
Hargreaves, who along with Stephen Lansdown set the Bristol business up in 1981, is stepping down from the Hargreaves Lansdown board with immediate effect.
He will continue to be employed with the business and remain a majority shareholder.
He said "I believe this is the right time for me to step down from the board. The group continues to perform strongly and I have every confidence in the strong management team and the well diversified board to look after my interests in the group.
“I will continue to work in the business, but will spend more time with my family and pursuing outside interests. I will, of course, remain in close touch as a major shareholder."
Chairman Mike Evans praised both Hargreaves for being “instrumental to the success of the group”.
“[He] has personally overseen its development into a financially secure, profitable, client-focused, FTSE100 business,” Evans added.
“I am sure we will continue to benefit from his experience and insight as both an employee and a major shareholder. On behalf of the board and indeed the whole Group, I would like to express my gratitude to Peter for his immense contribution to the Group to date."
Lansdown left the business in 2012.