Hargreaves Lansdown chair Deanna Oppenheimer is set to step down as the firm's chair at its upcoming annual general meeting next week (8 December), following shareholder pressure for her resignation.
In an stock exchange notice, the firm said that Oppenheimer's resolution to seek re-election as director of the company had been withdrawn.
She is set to be replaced by Alison Platt, who subject to shareholder and regulatory approval, will join the platform's board early next year.
Penny James has been appointed interim chair during the approval period and will chair the upcoming AGM.
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Platt is currently Dechra Pharmaceuticals' chair and is a non-executive director of Tesco.
Oppenheimer steps down after six years leading the company, during which she faced an increasing amount of pushback from shareholders over her leadership of the DIY-investment platform.
Last year, a third of HL's shareholders, including co-founder Peter Hargreaves, opposed Oppenheimer's re-election amid concerns about the company's leadership and cost management, with Hargreaves saying she had "presided over a disaster".
Yesterday, Glass Lewis, a proxy voting adviser, voiced fresh concerns about the group's leadership as it recommended HL's shareholders not to approve Oppenheimer's re-election.
Hargreaves platform was contacted about Glass Lewis' concerns but had no comment.
Hargreaves Lansdown set to fall out of FTSE 100
The firm is currently set to fall out of the FTSE 100 after 12 years in the index, according to the latest review.
It reported lower growth across the business in the third quarter of 2023, although it saw continued client growth during the recent period.
Oppenheimer said she was "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."
The outgoing chair added that she was "delighted to hand over to Alison, whose broad and relevant experience across different sectors will be of great benefit and support to the HL team as they move forward".
Platt stated her "delight" to be joining the firm's board, adding she was "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," she said.
Alongside Oppenheimer's exit, fellow board of director member Roger Perkin will also be stepping down.
Perkin has served on the board for six years too, acting as chair of the board audit committee.
HL confirmed in the statement that his motion to seek re-election had also been withdrawn from the AGM agenda.
