Peter Hargreaves steps down from HL board

Hargreaves Lansdown shares dropped as much as 4% after co-founder and majority stakeholder Peter Hargreaves stepped down from the company's board with immediate effect.

Hargreaves co-founded the wealth firm with Stephen Lansdown in 1981 but will now step back from the board to spend more time with his family and focus on "outside interests". He will remain an employee of the business, the FTSE 100-listed company said in a stock exchange announcement this morning (14 April). Having overseen a meteoric rise for the Bristol-based company, as well as the float of the business in 2007, Hargreaves has taken a back seat at HL in recent years. He stepped down as chief executive in 2010 in favour of his current role as executive director. Hargreaves - whos...