Hastings Group Holdings plc Board Succession (2896B)
January 09 2018 - 1:00AM
UK Regulatory
TIDMHSTG
RNS Number : 2896B
Hastings Group Holdings plc
09 January 2018
FOR IMMEDIATE RELEASE
Hastings Group Holdings plc (the "Company")
This announcement contains inside information for the purposes
of the Market Abuse Regulation.
9 January 2018
Board Succession
The Company today announces changes to its Board.
Mike Fairey, who joined the business in June 2015, has notified
the Board that he has decided to retire as Chairman and will step
down from the Board at the Company's Annual General Meeting (AGM)
in May 2018.
Gary Hoffman, who joined the business as Group Chief Executive
Officer in November 2012, will take over the role of Non-Executive
Chairman when Mike steps down.
Toby van der Meer, who joined the business in June 2011 and has
been Managing Director of the Company's UK trading subsidiary,
Hastings Insurance Services Limited, will be appointed to the
Company's Board with effect from 1 March 2018 and will take over
the role of Chief Executive Officer as of that date. In the period
between Toby's appointment and his appointment as Chairman, Gary
Hoffman will remain on the Board as an executive director.
Tom Colraine, who has been Senior Independent Director since
appointment in September 2015, will replace Mike Fairey as chairman
of the Company's Nomination Committee with effect from 1 March
2018. Tom will also continue his existing role as chairman of the
Company's Audit Committee.
Mike Fairey was appointed as Chairman to guide the Company
through its IPO in October 2015, and its early years as a listed
entity, and to establish a strong Board to underpin the Company's
future growth and development. Mike believes that, having
successfully achieved those objectives, and with no formal
timeframe having been set for his tenure, it is now the right time
for him to step down. Gary Hoffman had previously indicated to the
Board that there would come a time in the not too distant future
when he would look to step down from his role as Chief Executive
Officer.
Succession planning has been high on the Board's agenda as it
seeks to sustain the Company's growth and development. The Board
has prioritised various considerations as part of the succession
process, including continuity and stability, whilst also balancing
the needs of strong independent governance and effective strategic
leadership. Gary Hoffman has been a key individual in the Company's
success, not only in the years leading up to the IPO, but in the
period since which has seen eight successive quarters of profitable
growth and an 83% increase in the Company's share price. The Board
therefore regard retaining Gary's services as critical to the
Company's continued success.
Toby van der Meer emerged as the leading candidate for
succession to the role of Chief Executive, following a rigorous
profiling and search process including full evaluation of potential
internal and external candidates using specialist consultants. He
has played a pivotal role in the significant growth and development
of the Group's retail business over the past six years and is a
well-respected leader within the organisation.
The Board is aware of the provisions of the UK Corporate
Governance Code (the "Code") but, after full and careful
consideration, the directors were unanimous that Gary Hoffman's
transition from Chief Executive Officer to Chairman would be in the
long term best interests of the Company and all of its
shareholders.
Gary is a proven strategic leader and has extensive experience
of chairing Boards and Committees, notably as Vice-Chairman of
Barclays PLC, having previously been Chairman of UK Banking and
Barclaycard at Barclays, and most recently as Non-Executive
Chairman of VISA Europe.
Tom Colraine's appointment as chairman of the Company's
Nomination Committee, and the fact that Gary Hoffman will not
become a member of any of the Board's Committees, maintains the
Company's approach to strong independent governance and oversight.
The Board has satisfied itself that Tom will continue to be able to
allocate sufficient time to discharge his responsibilities
effectively.
Following the implementation of these changes, the composition
of the Company's Board and its Committees will continue to meet the
independence requirements of the Code, other than the Chairman not
being independent on appointment.
Mike Fairey said: "It has been a pleasure to serve as Chairman
of the Company and to oversee its early years as a publicly listed
company. I feel the time is now right for me to step down and I am
confident the proposed changes to the Board will leave the Company
in very safe hands to enable its continued success for the benefit
of all stakeholders."
Toby van der Meer said: "It has been an incredible journey so
far and I am honoured to be asked to be CEO of the Hastings Group.
I am proud of what the team has achieved so far and feel very
confident about our trajectory and the continued growth and
diversification opportunities ahead of us."
The Company continues to deliver against its strategy and
targets and will announce its results for the year ended 31
December 2017 on 1 March 2018.
For further information, please contact:
Tony Leppard
Group Company Secretary
cosec@hastingsplc.com
Louise Underwood
Director of Investor Relations
T: +44 (0)1424 738011 ir@hastingsplc.com
Instinctif Partners
+44 (0) 207 427 1418
Giles Stewart
Lewis Hill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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