LONDON (ShareCast) - (Sharecast News) - Hargreaves Lansdown co-founder Peter Hargreaves will step down from the board after the investment platform agreed to be taken over by a private equity consortium for £5.4bn.
While he will continue to own a stake in the business, Hargreaves - who set up the firm in 1981 - will hand his board position to his son Robert.

HL said Hargreaves had rejoined the board earlier this year "to provide continuity and support through a period of change" but has decided the time was now right to retire.

Hargreaves Lansdown said its co-founder will "maintain a close relationship" with the company and "has offered to make his insight and experience available if needed".

Peter Hargreaves said: "Hargreaves Lansdown is a company I have loved ever since its formation in 1981 and after the takeover, I felt it was important that I had close contact with the business.

"I have been greatly impressed by the strength and direction of the team now leading the business and I am confident it is now well-placed for future success.

"The appointment of Robert marks a proud new chapter in the family legacy and at 79 years of age, I look forward to enjoying a little more time in foreign sunshine and tending to my garden."

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