Hargreaves Lansdown co-founder steps down suddenly

LONDON (ShareCast) - Shares (Berlin: DI6.BE - news) in Hargreaves Lansdown (LSE: HL.L - news) stumbled lower after co-founder Peter Hargreaves stepped down from the company's board. The Bristol-based pensions, savings and stockbroking group said Hargreaves had resigned with immediate effect but will remain employed at the company.

Hargreaves, who still owns 32% of the business he founded with Stephen Lansdown in 1981, 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." The departure follows news of the resignation of finance director Tracey Taylor, who is set to depart in June.

The company floated on the London Stock Exchange (Other OTC: LDNXF - news) in May 2007 with a market value just shy of £800m and has since ascended to the FTSE 100 index.

Hargeaves has most recently been an executive director at the broker, and his departure from the board comes five years after co-founder Lansdown stepped down from his role as executive director and almost three years after Lansdown left the board in September 2012.

In an interview with the Guardian in 2011 he stated he would leave "when my co-directors ask me to step aside. Read into that what you will."