(Sharecast News) - Hastings Group is looking for a new chairman after Gary Hoffman told the company he would quit in May.
The FTSE 250 insurer said Hoffman would not seek reelection at its annual general meeting on 21 May and would leave the board on that date. He is leaving to spend more time on other commitments, Hastings said.
Tom Colraine, Hastings' senior independent director, will become non-executive chairman after the AGM while the company looks for a long-term replacement for Hoffman.
Hoffman joined Hastings as chief executive in 2012 and took the company through an investment by Goldman Sachs in 2013 and a stock market listing in 2015. He has been non-executive chairman since May 2018. A move from CEO to chair is unusual under UK corporate governance standards.
Hoffman made his name at Barclays where he ran the bank's Barclaycard credit card business. He then ran Northern Rock after the bank was nationalised during the financial crisis. On top of his job at Hastings he chairs Coventry Building Society and Monzo, the digital bank
Colraine said: "I would like to express our enormous gratitude to Gary for his significant contribution to the business in his time with us. We will always regard Gary as part of the Hastings family and wish him every success with his future endeavours."
Hasting cut its dividend in February after increased claims caused a sharp fall in annual profit. Teresa Robson-Capps, a non-executive director since July 2016, will replace Colraine as senior independent director when he takes over as chairman.
5 Oct 2016 07:55