Financial services firm Hargreaves Lansdown (HL) has announced the appointment of Alison Platt to the role of chair of the board as a non-executive director.
Ms Platt will succeed Deanna Oppenheimer at the Bristol-based company, who is stepping down from her role as chair of the board and a director at HL’s annual general meeting on December 8, having served as chair for six years.
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Senior independent director Penny James, formerly chief executive of Direct Line, will become interim chair from the AGM until Ms Platt’s regulatory approval. Ms James will work closely with HL’s chief executive Dan Olley, who was appointed to the role in August this year, as the firm navigates a period of uncertainty.
Ms Oppenheimer announced her decision to step down in July after criticism from the company’s co-founder Peter Hargreaves over high costs and weak shares.
It was announced last week that the firm is set to be relegated from the FTSE 100 after more than a 12-year stay in the blue-chip stock market index. HL’s stock has fallen about 17% this year as banks and other investment providers compete for deposits and as regulators’ vow to ensure savers receive “fair” rates of interest. Its market value of about £3.4bn is the smallest in the FTSE 100.
Ms Platt is currently chair of Dechra Pharmaceuticals, a specialist veterinary products business which is currently going through an acquisition by EQT. She was chair of L&G Financial Advice from 2019 to 2022 and chief executive of Countrywide from 2014 to 2018. She had previously held senior roles at Bupa.
In addition, Roger Perkin has informed the board that he will also not be standing for re-election at the firm’s AGM on December 8, and will be stepping down from Hargreaves Lansdown after six years on the board.
Ms Platt said: “I am delighted to be joining the HL Board and excited by the opportunity to work with Dan and the team as HL continues its critical work in supporting clients to make savings and investment decisions with confidence. I look forward to working closely with my new Board colleagues to guide HL’s next phase of growth.”
Ms Oppenheimer added: “I’m honoured to have overseen the Board during a period of significant change for the industry and for HL. HL is in a strong position for growth and has skilled leadership which will ensure the company’s future success. Over the last six years our client numbers have doubled to 1.8 million and our share of the direct-to-consumer market has grown significantly from 35% to 42%.”
