Hargreaves Lansdown CEO Chris Hill will step down at the end of November next year, the company announced today (17 October). 

Hill has served as CEO for six years, originally joining the company back in 2016 as chief financial officer.

The HL board has said it is now undertaking a "a thorough and extensive search" for his successor and Hill will remain in his role until late 2023 to allow time for a handover between the two.

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In a statement, Hill said it had been a "privilege" to lead the company during his tenure, growing both the number of assets and clients and launched the firm's Capital Market Day objectives last year all through what he called " an unprecedented time of change".

Indeed, in today's trading update for the quarter ending 30 September, Hill confirmed the company has captured £700m of net new business and 17,000 net new client growth.

He in the prior statement: "I set in train a comprehensive strategy to ensure the company remains at the forefront of wealth management, including providing clients with the best digital tools.

"Having put in place strong foundations that are already delivering results, including an exceptional leadership team, it will be time after a thoughtful transition to hand over to my successor to take the company through the next phase of embedding this strategy." 

Deanna Oppenheimer, Hargreaves Lansdown chair, commented his is leaving the business stronger than when he had joined "[and] with a clearly defined strategy that the board fully supports".

She said: "Chris has decided it is time to pass the reins to a new CEO to continue to execute on this strategy and build on our market leading proposition.

"The board is grateful to Chris for his leadership and looks forward to continuing to work with him on delivering the strategy and a successful handover next year." 

The announcement came hours after HL was hit by a lawsuit formed by thousands of investors in Neil Woodford's former fund after it continued to recommend the portfolio on its 'best buy' list.