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The chief executive of Hargreaves Lansdown is leaving the UK’s largest investment site after less than two years at the helm, following its £5.4bn private equity takeover.
Dan Olley, who took on the top job in August 2023, would hand the reins on an interim basis to Richard Flint, a former chief executive of Sky Betting and Gaming, subject to regulatory approval, the company said.
Flint was this year appointed as an independent non-executive director of Hargreaves Lansdown and made chair of the transformation committee — an advisory body overseeing the improvement of the business including digital services.
Hargreaves Lansdown said Olley would remain in post for a three-month handover period and be available to the business for a further two months after that, to “ensure a smooth transition”.
A person close to the situation said that Olley told colleagues in a memo that he could not commit for a further five or more years for personal reasons.
The move comes just two months after a consortium of private equity firms including CVC Capital Partners, Nordic Capital and the Abu Dhabi Investment Authority completed its acquisition of Hargreaves Lansdown for £11.40 a share in cash.
Peter Hargreaves, who co-founded the business in 1981 from his spare bedroom with Stephen Lansdown, sold half his stake in the deal to retain a holding of about 10 per cent.
The company, which floated in 2007, grew rapidly by offering individuals low-cost access to funds, as well as stocks and shares. But it has faced tough competition in more recent years from rivals including AJ Bell and Interactive Investor and the shares fell from a peak of £24 in 2019 to less than £10 in early 2024, following a costly tech overhaul under previous management.
Hargreaves Lansdown had refocused its efforts to improve its technology under Olley, who said that he was “incredibly proud” of the progress made by the company in “focusing on delivering an improved digital experience”.
A person familiar with the situation said Flint’s experience in the gambling sector had given him an understanding of working with vulnerable customers and the process of digitally transforming a business. He is also chair of Butternut Box, a digital subscription dog food company.
Chair Bruce Hemphill said that Flint “has a depth of experience leading digital businesses through transformation as well as operating businesses in highly regulated markets”.
Nordic Capital, a member of the private equity consortium, had previously invested in Nordnet, a similar digital investment site that underwent a technology overhaul. Nordic Capital took the business private in 2016 and relisted it in 2020.
The acquisition of Hargreaves Lansdown, which completed in March, has led to an overhaul of the investment company’s board. Hemphill, the former chief executive of financial services group Old Mutual, was named chair on completion of the deal.
The Financial Times revealed in April that Peter Hargreaves had nominated himself as a non-executive and put his son Robert forward to become a board observer. Hargreaves has the right to nominate a board director and an observer as a result of his remaining substantial stake in the business.
