Gary Hoffman is stepping down as non-executive chair of Hastings Group Holdings Plc on May 21.
In light of the resignation, Hastings has tapped senior independent director Tom Colraine to serve as non-executive chair from the abovementioned date while the search for Hoffman’s long-term successor is conducted. Taking over as senior independent director is independent non-executive director Teresa Robson-Capps.
“On behalf of the board, senior executive management, and all Hastings colleagues, I would like to express our enormous gratitude to Gary for his significant contribution to the business in his time with us,” stated Colraine. “We will always regard Gary as part of the Hastings family and wish him every success with his future endeavours.”
Hoffman, who came onboard in 2012 as chief executive, guided Hastings through a private equity investment by Goldman Sachs in 2013/14 as well as the organisation’s IPO (initial public offering) in 2015. He took up the role of non-executive chair in May 2018 after stepping down as CEO two months prior.
According to the announcement, Hoffman is leaving the insurance company to concentrate on other responsibilities and time commitments.