(Alliance News) - Goldman Sachs Group Inc's representative on the Hastings Group Holdings PLC board has left the company, insurer Hastings said Monday.
Sumit Rajpal had been on the Hastings board as a non-executive director as part of a "relationship agreement" between Goldman and Hastings. His departure is effective Monday, with Hastings giving no reason for his stepping down.
Hastings said Goldman does not currently plan to propose a replacement director, though it will retain the right to do so as long as its stake in Hastings remains above 5%. Goldman currently owns just under 12% of Hastings.
"Since Sumit's first involvement with the company in January 2014, when Goldman completed its initial investment, he has provided valuable challenge and insight and has been a significant part of the group's journey through to its IPO in October 2015 and beyond," said Hastings Chair Gary Hoffman.
"I would like to thank him for his contribution in his time with us and to wish him all the very best for the future."
Hastings shares were 3.4% lower on Monday afternoon in London at a price of 178.00 pence each.
In January, Hastings warned adjusted operating profit for 2019 would be as much as 42% lower than the year before, due to a rise in claims. It also cautioned the dividend for the year could also be lower.
By George Collard; georgecollard@alliancenews.com
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