Investment provider Hargreaves Lansdown said today that no decision has been taken on whether under fire chair Deanna Oppenheimer will step down early, despite media reports suggesting she will leave soon.
In a statement today the Bristol-based firm said: “No decisions have been taken at this time.”
Sky News and other outlets have reported that Ms Oppenheimer will step down amid complaints about HL’s falling share price and company strategy.
Reports suggest that the company has started working with headhunters to search for her successor.
At the last HL AGM in October 2022 some 30% of shareholders voted against her reappointment.
In a statement today HL said: “Recognising that the AGM on 8 December 2023 will be her sixth as chair of the board, and with the CEO transition successfully underway, aligned with good governance and succession planning practices, the board has commenced an exercise to determine the attributes of any successor chair candidates.
“Further updates will be provided as and when it is appropriate to do so.”
Ms Oppenheimer has come under fire from HL co-founder Peter Hargreaves who owns a 20% stake in the business.
Mr Hargreaves criticised Ms Oppenheimer for what he called the “diabolical” performance of the business.
Hargreaves Lansdown has already appointed a new chief executive Dan Olley, who will start work on 7 August. He will replace Chris Hill, who stepped down earlier this year.
Ms Oppenheimer also chairs Intercontinental Hotels Group and is a former director of companies including Tesco and Whitbread.
According to Sky News, the search for her successor will be led by Penny James, the former Direct Line Group chief executive who is Hargreaves Lansdown’s senior independent director.
HL is still facing a £100m lawsuit filed in October over its promotion of Neil Woodford’s flagship LF Woodford Equity Income Fund before it collapsed in 2019.
Around 300,000 investors had their money trapped in Woodford’s fund when it was frozen in June 2019, including more than 130,000 Hargreaves Lansdown clients.
The suit was filed by claims manager RGL Management on behalf of an initial 3,200 investors. RGL is also suing Link Fund Solutions, the fund’s authorised corporate director and said its claim could top £100m. Hargreaves Lansdown has repeatedly rejected the allegations.
