Hargreaves Lansdown founder quits role

The co-founder of financial services firm Hargreaves Lansdown has given up his executive duties after 29 years.

Stephen Lansdown, 57, has decided to take a back seat days before chief executive and co-founder Peter Hargreaves also steps down.

Hargreaves, 63, will hand over the reins to his deputy chief executive Ian Gorham on September 2, but will remain as an executive director.

Both remain the largest shareholders in the firm, with Hargreaves owning 32% and Lansdown 22%.

Lansdown said his move to become a non-executive director would allow him to focus on other interests - he has been chairman of Bristol City FC since October 2002.

He also relocated to Guernsey earlier this year to avoid the new 50p tax rate on the super-rich, which is believed to have made it difficult for him to remain a full-time executive director of Hargreaves Lansdown.

"Over the course of the year my role has been to focus on challenging the board, to ensure it operates efficiently and profitably," he said.

"I feel this is a role more suited to a non-executive and have, therefore, stepped down from my executive directorships. This will also allow me to concentrate on other interests."

Last spring he sold £47 million of shares in the company to fund projects, such as a new stadium for Bristol City.