Paul Cummins has been appointed as Executive Chairman at Safestay Hostels
The board of directors (the "Board") of Safestay (AIM: SSTY) announces that, after more than 15 years at the Company, Larry Lipman has informed the Board of his decision to retire and step down as Executive Chairman and a director of the Company with immediate effect. The Board thanks Larry for his significant and highly valued contributions to Safestay over many years with the business.
The Board is pleased to announce that Paul Cummins has been appointed as the Company’s Executive Chairman with immediate effect. Paul has been a Non-Executive Director of Safestay since October 2022, having previously served as an Alternate Director from September 2018 to October 2022. Paul is a qualified chartered accountant and is Investment Director of Pyrrho Investments Ltd, Safestay’s largest shareholder with a 29.30% shareholding.
Considering Paul’s extensive knowledge of the business gained during his time on the Board, Larry and the Board have agreed for the succession to be effective immediately. Carlos Salas Dual, who was appointed to the Board as Chief Financial Officer in June 2025 and Davide Caschili, who was appointed to the Board as Chief Operating Officer in June 2026 will report directly to Paul Cummins.
Anson Chan’s appointment as alternate director to Paul Cummins will cease with immediate effect.