Safestay (AIM:SSTY), the premium hostel operator, said on Wednesday that Larry Lipman has retired and stepped down as Executive Chairman and director with immediate effect, after more than 15 years at the company.
Paul Cummins takes over as Executive Chairman immediately, having served as a non-executive director since October 2022 and, before that, as an Alternate Director between September 2018 and October 2022. Cummins is Investment Director of Pyrrho Investments, Safestay's largest shareholder with a 29.30% stake.
The board said it had agreed to make the succession effective immediately given Cummins's extensive knowledge of the business built up during his time in the boardroom.
Chief Financial Officer Carlos Salas Dual, appointed in June 2025, and Chief Operating Officer Davide Caschili, appointed in June 2026, will now report directly to Cummins.
"I look forward to working closely with my fellow Board members and our talented executive team to deliver our strategic priorities, grow the business and create shareholder value," Cummins said.
Lipman said it was "the right time for me to retire" after more than 15 years in the role, adding that he remains a supportive shareholder and will continue following the group's progress.
The leadership change comes as Safestay works through a period of balance-sheet repair, having sold its Glasgow property for £5.1 million in June and completed the disposal of its London Kensington Holland Park leasehold for £3 million, alongside the closure of its loss-making Berlin Kurfürstendamm hostel.
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