Hargreaves Lansdown has selected Chris Hill as the new chief financial officer.
Hill is set for his new assignment at the company offering financial services on March 2016. Meanwhile, Simon Cleveland will stay on as interim finance head up to that moment, Hargreaves said.
The company’s shares slipped 2 percent on the news, ranking among the worst losers listed on the FTSE-350 Index. The management position will be subject to regulatory approval and is expected that Hill will start in the month of March 2016.
Hargreaves president, Mike Evans, said to the market: “We are delighted to welcome Chris. We have a very important financial services in the background that will lead to new skills and competencies for the board.”
It was last month when they released results that revealed a 0.9% decrease in profit before a tax of 193.2 million while reported profit before tax fell to 13%.
The company has said that it will release an update regarding its trading on 22nd September and has confirmed that at this point, it continues to operate in line with expectations.
“Chris has provided a great service in the last 4 years and played an important role, as part of the leadership team that established a clear strategic vision,” IG chairman, Andy Green, said after Hill left the company in favor of Hargreaves Lansdown PLC.
IG Group provides online brokerage firm and trading services to retail investors, such as Hargreaves, whose platform allows retail investors to access investment funds. We’ll have to wait and see whether this new appointment will end up increasing profits for shareholders, and ultimately raising the company’s share price.