Dan Olley, CEO of Hargreaves Lansdown, is to leave the firm less than two years after taking up the helm.
His departure was announced to staff this morning, with the Board being informed of his intention to step down on Wednesday.
Mr Olley will be replaced on an interim basis by Richard Flint, former CEO of Sky Bet, who joined the firm’s board in March, whilst the board searches for a permanent successor.
Mr Olley will remain with the firm for a three month handover period.
His departure follows shortly after the completion of the acquisition of Hargreaves Lansdown by a private equity led consortium for £5.4bn in March.
Hargreaves Lansdown accepted the £5.4bn consortium offer for the company in August last year. The consortium comprises CVC, the Abu Dhabi Investment Authority and Nordic Capital, who hold equal weighting in the deal.
The cash offer was originally made on 18 June 2024 but was pushed back three times. The full price paid for HL's entire issued shares is approximately £5.443bn.
Bristol-based Hargreaves Lansdown, set up by entrepreneurs Peter Hargreaves and Stephen Lansdown, was acquired by a new investment vehicle called Harp Bidco Limited. Harp Bidco is a new company which is indirectly owned by CVC Private Equity Funds, Nordic Capital XI Delta, SCSp (acting through its general partner, Nordic Capital XI Delta GP SARL) and Platinum Ivy B 2018 RSC Limited.
Mr Olley said: “Looking at what has already been delivered, and knowing what is coming over the next few months, I feel honoured to have been part of HL at such a pivotal time and set the foundations for a transformation that I feel sure will only accelerate further under HL’s new ownership.”
Mr Olley is not the only senior executive to leave the firm shortly after the acquisition.
Chief financial officer Amy Stirling left the business after the takeover went through, after three years with HL.
Hargreaves has seen changes to its senior management team in recent times and faced criticism for poor share price performance. Alison Platt replaced Deanna Oppenheimer as chair of the board in February after Ms Oppenheimer unexpectedly quit in November after activist investors threatened to vote against her re-appointment at the December AGM.
Some investors have been unhappy with the firm’s share price performance, including one of HL's founders, Peter Hargreaves. Deanna Oppenheimer served as chair for six years during which time the share price fell from a peak of 2,419p in May 2019 to 706p by the time she quit.
