Deanna Oppenheimer, chairman of platform giant Hargreaves Lansdown, is to step down according to reports.
Sky News has said it has learned that head hunters are actively looking for a replacement while an announcement confirming the news is expected imminently.
It is understood Oppenheimer is stepping down due to criticism from the founder Peter Hargreaves over her performance.
He criticised her ‘diabolical’ performance at the company last October and has also critiqued outgoing chief executive Chris Hill.
Hargreaves owns a 20% stake in the firm and does not support the platform’s move into wealth management through tech driven financial advice.
In May Hargreaves Lansdown announced it was on the hunt for a new head of its advice proposition.
At the time a spokesperson said a newly created role warranted by the firm’s new advice and guidance strategy announced a year ago.
The job will sit alongside comparable roles on the platform’s Isa and Sipp propositions.
In a post on LinkedIn its financial advice director Richard Caldicott flagged up the opportunity.
He said: “We have exciting plans and are a totally unique business with really interesting clients to serve. We want to do things a bit differently.”
Caldicott was appointed to HL last August from M&G Wealth.
The online advertisement describes the role as “a rare and exciting opportunity” to have an impact on the design of the HL’s advice proposition.
It adds the lead role will see the candidate drive improvements to the advice service for clients.
Job requirements are a record in proposition development, including digital proposition experience.
Hargreaves Lansdown has been approached for comment on Oppenheimer.
It said: “Recognising that the annual general meeting 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. No decisions have been taken at this time. Further updates will be provided as and when it is appropriate to do so.”
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