Hastings chairman Fairey to retire in May, Toby van der Meer to take over as CEO

Insurer Hastings said on Tuesday that Mike Fairey has decided to retire as chairman and will step down from the board in May, while Toby van der Meer will take over as chief executive officer.

Garry Hoffman, who joined the business as group CEO in November 2012, will take over the role of non-executive director when Fairey steps down, while van der Meer, who joined the business in June 2011 and has been managing director of the UK trading subsidiary, Hastings Insurance Services Limited, will take over as CEO on 1 March.

Meanwhile, 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. He will also continue his existing role as chairman of the Audit Committee.

Fairey was appointed as chairman to guide the group 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. He believes that having successfully achieved those objectives, it is now the right time to step down. Hoffman had previously indicated that there would come a time in the not too distant future when he would look to step down from his role as CEO.

Hastings said 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 share price.

Meanwhile, it said van der Meer emerged as the leading candidate for succession to the role of CEO 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.”

Hastings said Hoffman “is a proven strategic leader” and has extensive experience of chairing boards and committees.