On December 29, 2020, Matthew A. Hultquist delivered a letter to the Board of Directors of HG Holdings, Inc., resigning as a director of the Company effective December 31, 2020. On December 29, 2020, the Board elected Peter Sherman to the Board effective December 31, 2020 to fill the vacancy created by Mr. Hultquist's resignation. Mr. Sherman's term as a director will expire at the Company's 2021 Annual Meeting of Stockholders. The Board also appointed Mr. Sherman to serve on its Audit Committee, Compensation and Benefits Committee, and Corporate Governance and Nominating Committee. Mr. Sherman, is currently Chief Risk Officer of Capitala Group and has served in that position since February 2018.
HG Holdings, Inc. is engaged in the business of providing title insurance and tile agency services. The Company's segments include title insurance, real estate, reinsurance, and management services. The title insurance segment issues title insurance policies and provides title agency services for residential and commercial real estate transactions. This segment also provides closing and/or escrow services to facilitate real estate transactions. The real estate segment is engaged in rental real estate through its equity investment in HC Realty. The management services segment, through its subsidiary, HG Managing Agency, LLC, is engaged in providing various management advisory services such as legal entity formation, licensure, regulatory approval, assumption of policies, and other general operational services. Its subsidiaries include National Consumer Title Insurance Company; National Consumer Title Group, LLC; Title Agency Ventures, LLC, and HG Managing Agency, LLC.
HG HOLDINGS, INC. 
