Stockbroker Hargreaves Lansdown PLC (LON:HL.) reported record annual results and said its chief executive was stepping down. The firm has also revealed a 10 per cent rise in pre-tax profit in its full-year results.
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Gorham, who has been at the helm of the firm for seven years, will be succeeded by group chief financial officer Chris Hill.
Hargreaves Lansdown chairman Mike Evans says: “Ian has done a fantastic job of leading Hargreaves Lansdown to its current position of a market leading successful FTSE 100 business, serving the investment needs of 836,000 clients and looking after £61.7bn of the United Kingdom public’s assets”.
During Gorham’s tenure client numbers have risen from 330,000 to 836,000 and assets under administration from £17.5bn to £61.7bn.
It said uncertainty caused by the European Union referendum result had had a major impact on the market outlook and equity trading levels had risen in the short term in response to volatility.
“Now is the correct time for natural succession, as we look forward to an exciting future”.
Thanking Mr Gorham for his “outstanding contribution”, the group’s chairman, Mike Evans, said: “Ian has done a fantastic job of leading Hargreaves Lansdown to its current position of a market-leading FTSE 100 business, serving the investment needs of 836,000 and looking after £61.7bn of the UK’s public assets”.
The group, which maintained a neutral stance during the run up to the European Union vote, said the decision has had a “major impact on market outlook”, and while in the short-term the Brexit result has been to the firm’s advantage, the long-term implications of the vote are unknown.
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“Hargreaves Lansdown is well positioned to take advantage of the structural opportunity for growth in the savings and investments market, including the launch of the Lifetime ISA in April next year”.
