Hastings Group Holdings plc (LON:HSTG) announced today to the market that it has received notice from Goldman Sachs & Co, under the terms of a Relationship Agreement with the Company, of the removal of its appointed director to the Company Board, Mr Sumit Rajpal. Mr Rajpal will, therefore, resign from the Board with effect from 24 February 2020.
Hastings Group has been notified that GS does not, at this time, propose to nominate a replacement director. Under the terms of the Relationship Agreement, GS remains at liberty to nominate a director for appointment to the Board for as long as its interests exceed 5% of the Company’s issued share capital.
Gary Hoffman, Chair of Hastings Group, said:
“Since Sumit’s first involvement with the Company in January 2014, when GS completed its initial investment, he has provided valuable challenge and insight and has been a significant part of the Group’s journey through to its IPO in October 2015 and beyond. I would like to thank him for his contribution in his time with us and to wish him all the very best for the future.”