Hastings Group PLC (LON:HSTGS) has announced plans for a change of group chief financial officer with John Worth, currently group CFO of insurer MS Amlin, to replace Richard Hoskins, who has decided to retire.
The FTSE 250-listed motor insurance group said Worth is expected to join the board within the next few months.
It added that Hoskins, who has been with the business since April 2015, will work with Worth to ensure orderly succession and a smooth handover.
The group said Worth, a chartered accountant with extensive experience in financial services gained through senior roles in Finance, IT, Operations and Risk, has also worked with Co-operative Bank and Hiscox within the past five years.
In an initial note to clients commenting on the appointment, analysts at Shore Capital said: “To us, this looks like a well-managed transition of the management team. The fact that the business already has an excellent replacement lined up should allow for seamless delivery of the strategy, in our view.”
They reiterated a ‘buy’ rating on Hastings’ shares, saying: “Our fair value of 220p indicates 9% upside. Hastings trades on a relatively low 9.0x 2019F PER (with a 6.8% yield in 2019F) - reflecting the depression of the current pricing cycle but once the cycle turns Hastings is most geared to a recovery, in our view.”
In early morning trading, Hastings shares were 0.2% lower at 200.60p.