Hargreaves Lansdown PLC (LSE:HL.) has poached its new chief executive, Dan Olley, from Tesco PLC (LSE:TSCO)’s data arm Dunnhumby, where he was only appointed last year.
HL shares, which have fallen over 40% this year, initially fell another 1% on the news before rising 0.4% to 835p by mid-morning.
Olley has been a non-executive at HL since June 2019 and before becoming CEO of Dunnhumby was chief technology officer for RELX's Elsevier data and analytics arm.
He is expected to take over next year after current boss Chris Hill retires after six years leading what is the UK’s largest fund supermarket.
Today, the FTSE 100-listed investment platform operator said Hill would remain as CEO until the handover, which depends on when Olley is released from current obligations at Tesco and is given regulatory approval.
Hill has agreed to work with the company until November 2023 to complete the transition.
HL called Olley a “globally renowned technology leader” who has “delivered transformational change and growth”, brings “cutting-edge strategic, digital and operational expertise” and is “uniquely placed” due having sat on the board since 2019.
Chair Deanna Oppenheimer said she was “highly impressed by both his strategic insight and his depth of experience in digital transformation” and, of course, ticked off the obligatory “delighted” box.
For his part, Olley was also “delighted” and highlighted the “opportunity to lead the business through its digital transformation and into its next stage of growth” and his “deep understanding and passion” for the business.