Hastings reshuffle

HASTINGS Insurance has flouted corporate governance rules by promoting chief executive Gary Hoffman to the role of chairman.

The decision flies in the face of normal City practice and will spark concerns that it is not in shareholders’ best interests. Hoffman, 57, avoided questions, with underlings saying he was too busy to personally explain the breach of the rules.

The firm instead put out a statement trumpeting his virtues as a ‘strategic leader’ with ‘extensive experience’.

Hastings will have to explain the decision to its shareholders in coming weeks.