– UK, Bexhill-on-Sea – The Hastings Group Holdings plc (LSE:HSTG), announces the proposed appointment of Selina Sagayam as a non-executive director.
Ms Sagayam’s appointment is by nomination of the Founder Shareholders under the terms of a relationship agreement between the Company, the Founder Shareholders, and the GS Shareholders which entitles the Founders (subject to prescribed notice) to remove an existing and nominate a replacement director to the Board (for as long as their combined shareholding in the Company exceeds 5%). Ms Sagayam replaces Richard Brewster who will step down as a non-executive director.
The appointment was approved by the Board at a meeting on 26 July 2017 and will take effect on 14 August 2017; Mr Brewster’s resignation will take effect on the same date.
Ms Sagayam has, since August 2015, served as a non-executive director on the board of the Company’s FCA regulated subsidiary entity, Hastings Insurance Services Limited and also chairs the Risk Committee; she will continue in that role.
Ms Sagayam is the Head of UK Transactional Practice Development in the London office of law firm Gibson, Dunn & Crutcher. She is an English qualified lawyer who joined the firm as a partner in 2007. Her appointment to the Company’s Board is in a personal capacity and unconnected to her position with Gibson Dunn.
Mike Fairey, the Company’s Chairman, commented: “Richard has been involved in the business for many years, having been a member of the management buyout team which acquired the business in 2009; I would like to thank him for his contribution. I would also like to welcome Selina to the Board and look forward to working with her.”
GS Shareholders and Founder Shareholders
For the purposes of this announcement, the “GS Shareholders” are entities represented by Goldman Sachs Merchant Banking Division, being Hastings A, L.P., Hastings B, L.P., and Goldman Sachs & Co LLC. The “Founder Shareholders” are Neil Utley (and certain members of his immediate family), Edward Fitzmaurice, Keith Charlton, and Richard Brewster.
For more information : https://www.hastingsplc.com
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