PETER Hargreaves yesterday announced that he is stepping down as chief executive of Hargreaves Lansdown, the retail broking house he founded in 1981 along with his business partner Stephen Lansdown.
The 63-year-old Hargreaves holds nearly a third of the group’s shares. His decision to quit was released after the close of the stock market yesterday, although shares in the group had already drifted downwards.
Hargreaves will be replaced in the autumn by chief operating officer Ian Gorham.
The Bristol-based financial services group employs more than 600 staff and caters for 318,000 clients. At the time of its flotation the shareholdings of the two founders were valued at around £284m.