Hoffman’s departure will allow him to concentrate on other responsibilities and time commitments. He originally joined the group in October 2012, as CEO, and guided the organisation through a private equity investment by Goldman Sachs, in 2013/14, and its IPO in October 2015.
He stepped down as CEO in March 2018 and took up the role of non-executive chair in May 2018.
Hastings also announced further changes to its board, which includes Tom Colraine, currently the company’s senior independent director and chair of the nomination committee and remuneration committee, will become non-executive chair, whilst the company seeks a long term successor to Foffman.
Colraine will step down from the remuneration committee but will remain chair of the nomination committee; he will also, for the time being, remain a member of the audit committee.
Also, Teresa Robson-Capps, an independent non-executive director of the Company since July 2016, will succeed Coleraine as senior independent director. She will remain chair of the audit committee, and a member of the risk committee.
Elizabeth Chambers, an independent non-executive director of the company since September 2018, will become chair of the remuneration committee, of which she has been a member since May 2019.
These changes will become effective from 21 May 2020.
Colraine said: “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. We will always regard Gary as part of the Hastings family and wish him every success with his future endeavours.”