Hastings Group Holdings plc announced that 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 March 1, 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 March 1, 2018. Tom will also continue his existing role as chairman of the Company's Audit Committee.

Mike Fairey also announced to step-down from the role as Chairman. 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. 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.

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.