Hargreaves Lansdown founder Stephen Lansdown has resigned as an executive director the board in the latest board shake-up.

Following the announcement, Stephen Lansdown was appointed as a non-executive director.

Stephen Lansdown said, 'Over the course of the year my role has been to focus on challenging the board, to ensure it operates efficiently and profitably.

'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.'

Lansdown is currently chairman of npower Championship football club Bristol City and is involved in the club's plans for a major new stadium in the city to be called Ashton Vale.

He was joined by Chris Barling, who becomes an independent non-executive director. A Hargreaves Lansdown client and IT specialist, he was the co-founder of software specialist Actinic.

The firm confirmed current deputy chief executive Ian Gorham would take over from incumbent Peter Hargreaves from 2 September, the founder will become an executive director.

Mike Evans, chairman of Hargreaves Lansdown, said, 'These appointments show a total complement of eight directors, of whom three are executives, four are non-executives, although only three can be deemed as independent, and myself as non-executive chairman.

'Whilst this is not in strict compliance with the UK Code of Governance, we believe it is a strong board to support our new chief executive, and importantly retains the ongoing input of the two founders who remain the largest shareholders in the company.'