Hargreaves Lansdown director Stephen Lansdown is to step down from the board of the Bristol financial business he co-founded in 1981 with Peter Hargreaves in a bedroom and now has a stock market value of nearly £3bn.
Mr Lansdown, pictured, who is among the city’s most prominent businessmen and is a former chairman of Bristol City FC, is to offici
ally quit at the company’s annual general meeting in November. A non-executive director for the past two years, he remains a major shareholder in the business.
Hargreaves Lansdown chairman Mike Evans said today: “Having founded this business with Peter Hargreaves in 1981, Stephen has been instrumental to the success of the group and has personally overseen its development into a financially secure, profitable, and client-focused, FTSE-100 business.
“We have benefitted from his contribution and challenge as a non-executive director for the last two years. I am sure we will continue to benefit from his experience and insight as a major shareholder. On behalf of the board and indeed the whole group, I would like to express my gratitude to Stephen for his immense contribution to the group."
Mr Lansdown, who lives in Guernsey, said: “I believe this is the right time for me to step down. 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 of course remain in close touch as a major shareholder.”
Mr Lansdown was born and raised in South Gloucestershire and qualified as a chartered accountant in 1975, specialising in taxation with what was then Touche Ross & Co. When he formed Hargreaves Lansdown with Peter Hargreaves in Peter’s bedroom in Clifton in 1981 the business consisted of the pair and a part-time secretary.
After spectacular growth it floated on the London Stock Exchange in May 2007 and became a FTSE-100 company last year. Today Hargreaves Lansdown is a global financial company with 500,000 clients around the world and employs 650 staff at its flagship offices at Bristol Harbourside.
Mr Lansdown stepped down from as Bristol City chairman in May 2011 but remains the majority shareholder. Earlier this year he became the new owner of Bristol Rugby.
