Bristol City chairman steps down from finance firm role

Aug 28 2010 by Peter McCusker, The Journal

BRISTOL City chairman Stephen Lansdown has resigned as an executive director of the financial services firm he co-founded 29 years ago.

The move by Mr Lansdown, 57, to become a non-executive director of Bristol-based Hargreaves Lansdown comes just days before co-founder Peter Hargreaves is due to step down as the company’s chief executive.

Mr Hargreaves, 63, will hand over the reins to his deputy chief executive Ian Gorham on September 2, but will remain as an executive director.

Their decision to take a back seat heralds a new era for the group, which was set up in 1981.

However, both remain the largest shareholders in the firm, with Mr Hargreaves owning around 32% and Mr Lansdown around 22% – worth around £409m and £595m respectively.

Mr Lansdown said his move to become non-executive would allow him to focus on “other interests“.

He has been chairman of Bristol City football club since October 2002.

He also relocated to Guernsey earlier this year to avoid the new 50p tax rate on the super-rich, which is believed to have made it difficult for him to remain a full-time executive director of Hargreaves Lansdown.

“Over the course of the year my role has been to focus on challenging the board, to ensure it operates efficiently and profitably,” he said. “I feel this is a role more suited to a non-executive and have, therefore, stepped down from my executive directorships.

“This will also allow me to concentrate on other interests.”

Mr Lansdown is said to be one of the richest individuals in the UK.