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British insurer Hastings says CEO Hoffman to become chairman

Reuters

(Reuters) - British insurer Hastings Group Holdings Plc (HSTG.L) said its Chief Executive Gary Hoffman would take over as non-executive chairman in May and promoted Toby van der Meer, managing director of its UK trading subsidiary, as its next CEO.

Hoffman will assume the role of non-executive chairman from Mike Fairey, who will retire in May.

The company, which mainly operates in the British motor market, said the new CEO will take charge on March 1.

"Mike Fairey was appointed as chairman to guide the company through its IPO in October 2015... Mike believes that, having successfully achieved those objectives... it is now the right time for him to step down," Hastings said.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)