The chairman of motor insurer Hastings is to step down and be replaced by the firm's chief executive, it was announced this morning.
The shake-up of the firm's top two jobs comes just a day after an unsavoury spat at the AA – which reportedly centred on a tie-up with Hastings – took a turn for the worst.
The AA said it was "astonished" former boss Bob Mackenzie is pursuing legal action over his sacking for gross misconduct.
Today it was announced Mike Fairey, who joined the firm less than three years ago, is to leave his post as Hastings chairman in May. He will be replaced by CEO Gary Hoffman.
Hastings Insurance Services managing director Toby van der Meer will step up as group chief executive from 1 March.
Hoffman will not assume all of Fairey's duties as senior independent director Tom Colraine will pick up the position of chairman of the company's nomination and audit committees.
"Proven strategic leader" Hoffman has been critical to Hastings' recent success, steering it through an initial public offering in October 2015.
Fairey said: “It has been a pleasure to serve as chairman of the company and to oversee its early years as a publicly listed company. I feel the time is now right for me to step down and I am confident the proposed changes to the board will leave the company in very safe hands to enable its continued success for the benefit of all stakeholders.”
Toby van der Meer said: “It has been an incredible journey so far and I am honoured to be asked to be CEO of the Hastings Group. I am proud of what the team has achieved so far and feel very confident about our trajectory and the continued growth and diversification opportunities ahead of us.”