A retiring boss has given his staff £10 million as a thank you for their hard work over his tenure.
David Stevens, Chief Executive of Cardiff-based Admiral Insurance, is preparing to step down from the role, nearly 30 years after co-founding the company.
While he’s bound to receive the usual flurry of flowers, chocolates, alcohol and other treats, he’s repaying the favour of his staff’s efforts with a multi-million pound giveaway.
The 58-year-old and his wife Heather Engelhardt are gifting a total of £10 million to be shared between the company’s workforce. More than 7,000 full-time staff are set to get a leaving gift of £1,000, while part-time workers will receive a payment of £500.
As per Business Live, Stevens said in a statement:
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 with 1 brand, 0 customers and 57 members of staff, to a FTSE 100 company worth around £8bn, with multiple brands, millions of customers and over 11,000 staff worldwide. And all of this wile remaining a great place to work. Thank you from myself and my wife to everyone at Admiral.
Back in 2016, former chief executive and fellow co-founder Henry Engelhardt also gifted full-time staff with £1,000 each as a parting gift, which totalled to around £7 million.
Stevens co-founded the motor insurance firm – which also includes Confused.com – with his wife back in 1991, with a small team of just 57 workers. Now, there’s 7,500 staff in South Wales and more than 3,000 overseas in Spain, Italy, France, Canada, the US and India.
Stevens will be succeeded by Milena Mondini de Focatiis, the group’s current head of UK and European insurance. In an earlier statement, as per Reinsurance News, he said: ‘Alongside my sense of good fortune and gratitude to those who made it possible… I feel a responsibility to do what’s best for the long-term future of Admiral’.
He added: ‘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.’
The soon-to-be CEO said: ‘I am immensely proud and humbled to be given the opportunity to succeed David as CEO of a truly special company… thank you, David, for everything you’ve done for Admiral, and I look forward to continuing to work closely with you during the transition.’
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