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Retiring Admiral boss gifts employees £10 million

Retiring Admiral boss gifts employees £10 million

Retiring Admiral Group Plc chief executive David Stevens will leave a £10 million present to the insurance giant’s employees.

Stevens, who co-founded the company with wife Heather in 1991, is set to give the gift to the company’s 10,500 staff, including 3,000 overseas-based employees, as an expression of gratitude for their hard work, according to a report from BBC News.

Full-time workers are set to receive £1,000 each, while part-time employees will get £500.

“Saying thank you to all Admiral staff in this way is the right thing to do,” Stevens told BBC News. “Their hard work and dedication have allowed Admiral to grow from a start-up to over 11,000 staff worldwide. And all of this while [keeping the company] a great place to work.”

He added that he was “proud and fortunate to have worked with a such a special group of people.”

Stevens, who started his role as CEO in May 2016, announced his retirement in March last year. Milena Mondini de Focatiis was appointed his replacement, making her Admiral’s first female chief executive.

The move follows a similar gesture by former CEO Henry Engelhardt, who gave a £1,000 thank-you gift to full-time staff with at least one year of service to the company before he retired in 2016. He also gave the other employees £500 each. The amount totalled about £7 million at that time.

Admiral is based in Cardiff and has offices in Swansea and Newport. The insurer also has sites in Spain, Italy, France, the US, Canada, India, Mexico, and Turkey.