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The CEO of Hargreaves Lansdown will leave the UK’s biggest investment site after less than two years at the helm, following a £5.4 billion private equity takeover.
Dan Ollie, who took the top job in August 2023, will tentatively hand over the reins to former Skybetting and Game CEO Richard Flint, subject to regulatory approval, the company said.
Flint was appointed independent non-executive director for Hargreaves Lansdown this year and chaired the Change Committee. It is an advisory body that oversees business improvements, including digital services.
Hargreaves Lansdown said Olley would stay for a three-month handover period and then be available to business in the next two months to “ensure a smooth transition.”
Someone close to the situation said in a note to a colleague that Olley told her that for personal reasons he could not commit for more than five more years.
The move comes just two months after a consortium of private equity companies, including CVC Capital Partners, Nordic Capital and Abu Dhabi Investment Authoritarian acquired Hargreaves Lansdown in cash for £11.40.
Peter Hargreaves, who co-founded the business from a spare bedroom with Stephen Lansdown in 1981, sold half of the contract’s stake to hold about 10% of its holdings.
The company, which came to mind in 2007, grew rapidly by providing individuals with low-cost access to funds and equities. However, facing tough competition from rivals such as AJ Bell and Interactive Investor and stocks, stocks fell from £24 in 2019 to under £10 in early 2024.
Hargreaves Lansdown has refocused its efforts to improve technology under Olley. He said he is “incredibly proud” of the advances the company has made, “focusing on delivering improved digital experiences.”
Those familiar with the situation said Flint’s experience in the gambling sector has given them an understanding of the process of working with vulnerable customers and transforming their businesses digitally. He is also the chairman of Butternut Box, a digital subscription dog food company.
Chairman Bruce Hemphill said Flint “not only has the depth of experience to guide digital businesses through transformation, but also operates its operations in highly regulated markets.”
Nordic Capital, a member of the Private Equity Consortium, previously invested in Nordnet, a similar digital investment site that had been overhauled in technology. Nordic Capital made its business private in 2016 and relisted it in 2020.
The acquisition of Hargreaves Lansdown, which was completed in March, overhauled the investment company’s board of directors. Hemphill, former CEO of Financial Services Group Old Mutual, was appointed chairman at the completion of the transaction.
The Financial Times revealed in April that Peter Hargreaves had nominated himself as non-executive and moved his son, Robert, to become an observer on the board. Hargreaves has the right to nominate a board director and observer as a result of the remaining shares remaining in the business.
