Investment provider Hargreaves Lansdowne said today that a decision has yet to be made on whether the burnout chairman, Diana Oppenheimer, will step down early despite media reports that she will step down early. said no.
“Nothing has been decided at this time,” the Bristol-based company said in a statement today.
Sky News and others reported that Oppenheimer would resign, citing a fall in HL’s share price and dissatisfaction with corporate strategy.
The company has reportedly started working with headhunters to find her successor.
At the last HL shareholder meeting in October 2022, about 30% of shareholders voted against her reappointment.
HL said in today’s statement: “We recognize that she will be Chairman of the Board for the sixth time at our Annual General Meeting of Shareholders on December 8, 2023, and recognize that the CEO transition is on track in line with good governance and succession planning practices. , the Board has initiated an effort to “determine the attributes of the successor candidate for chairmanship.”
“Further updates will be provided as needed.”
Oppenheimer has come under fire from HL co-founder Peter Hargreaves, who owns a 20% stake in HL.
Hargreaves criticized Oppenheimer’s “diabolical” work.
Hargreaves Lansdowne has already appointed a new CEO, Dan Ory, who is expected to take over on August 7. He will succeed Chris Hill, who resigned earlier this year.
Ms. Oppenheimer is also Chairman of the InterContinental Hotel Group and a former director of companies such as Tesco and Whitbread.
The search for his replacement will be led by Penny James, a senior independent director of Hargreaves Lansdowne and former Direct Line Group CEO, Sky News said.
HL is still facing a £100m lawsuit filed in October over the promotion of the LF Woodford Equity Income Fund, which was Neil Woodford’s flagship fund before it collapsed in 2019. ing.
About 300,000 investors had their money locked up when Woodford’s funds were frozen in June 2019, including more than 130,000 Hargreaves Lansdowne clients. .
The lawsuit was brought by claims management firm RGL Management on behalf of the original 3,200 investors. RGL is also suing Link Fund Solutions, the fund’s licensed corporate director, for claims that could exceed £100 million. Hargreaves Lansdowne has repeatedly denied the allegations.