Hargreaves Lansdown Chairman Deanna Oppenheimer to Step Down Amidst Criticism from Co-Founder Peter Hargreaves

The move comes amid criticism from the company's co-founder, Peter Hargreaves, who had called for a radical cost-cutting programme and described Ms Oppenheimer's five-year tenure as a "disaster." The search for Ms Oppenheimer's successor has already begun, with headhunters working on the process.

The announcement of her departure is expected to be made imminently.

The news comes as the company awaits the arrival of its new chief executive, Dan Olley, who will replace Chris Hill, who stepped down earlier this year.

Hargreaves Lansdown has seen its shares slump by about 60% in the last five years, during which time rival AJ Bell joined it on the London stock market, while Interactive Investor was sold to abrdn for £1.5bn.

Ms Oppenheimer also chairs Intercontinental Hotels Group, and has previously served as a director of companies such as Tesco and Whitbread.

The search for her successor will be led by Penny James, the former Direct Line Group chief who is Hargreaves Lansdown's senior independent director.

The company has been contacted for comment.