The boss of Admiral has gifted staff with a £10 million ($13m) retirement farewell present.
Chief Executive David Stevens – who co-founded the motor insurance company with his wife Heather in 1991 – is sharing out the huge sum among the company’s 7,500 staff in south Wales and 3,000 overseas workers.
The parting gift means full-time staff will get £1,000 ($1,300), while part-time employees will receive £500 ($650).
Heather and David have gifted Admiral staff with a £10 million farewell present. Credit: Wales News Service
The 58-year-old said: “Saying thank you to all Admiral staff in this way is the right thing to do and I’m so proud and fortunate to have worked with a such a special group of people.
“Their hard work and dedication has allowed Admiral to grow from a start-up to over 11,000 staff worldwide. And all of this while remaining a great place to work.
“Thank you from myself and my wife to everyone at Admiral.”
David and Heather are following in the footsteps of fellow co-founder Henry Engelhardt, who also gifted all full-time staff of more than one year with a £1,000 bonus following his retirement in 2016.
Explaining why he was sharing out the donation – which totalled £7m ($9m) – he said: “We are making this gift in recognition of the hard work and team spirit that has underpinned Admiral’s success as we’ve grown from a start-up with value of £0 to a FTSE 100 company with a value of £5 billion ($6.5bn) today.”
Admiral – which also now includes Confused.com – was launched selling car insurance over the phone in Cardiff with a team of 57. Now it has offices in Swansea and Newport, with overseas sites in Spain, Italy, France, Canada, USA and India.
The company has grown massively since its inception in 1991. Credit: PA
Last year, the company’s annual profits exceeded £500m ($650m) for the first time.
Revealing the secret to success, David said: “Consistently happy staff, consistently happy customers. Hopefully happy shareholders.”
He will be succeeded by Milena Mondini de Focatiis, the company’s first female chief executive.
David said: “I am particularly glad that, in Milena, I have a successor who has the intelligence, the values, the track record and the clarity of vision to take on the role of group CEO, and ensure that Admiral will continue to ‘go like a freight train’ in the years to come.”
Source link : https://www.ladbible.com/news/uk-admiral-boss-gifts-staff-with-10-million-retirement-farewell-present-20200918
