Insurer has already named Stevens’ successor
Admiral chief executive and industry stalwart David Stevens is leaving the company after 27 years, it announced today.
He will be succeeded in 12 months by Milena Mondini de Focatiis, currently head of UK and European insurance.
Stevens will continue to work as an advisor to the business after he steps down, Admiral added.
Stevens co-founded Admiral in 1991 with Henry Engelhardt and has been chief executive since 2016.
Group chair Annette Court said it was ”hard to sum up the amazing contribution that David has made to the Group over the last 27 years”.
”As one of the founders he has overseen the business grow from a standing start to become one of the UK’s largest motor insurers, employing over 10,000 people, serving seven million customers and with a market value today of over £6bn.
”David brings a unique combination of great brainpower, integrity, innovation, caring and humility.
”As an individual, his compassion for colleagues and customers alike encapsulates Admiral’s approach and ethos. Suffice to say, it continues to be a real pleasure to work with him”, she added.
On the appointment of Mondini de Focatiis, Court said: “Having been through a comprehensive and robust succession process, the board is confident that in Milena we have a natural successor and a leader for the next generation.
”We have a wealth of management talent at Admiral and bringing this through has always been a central pillar to Admiral’s management philosophy as the business evolves alongside its customers.
”Milena brings a deep appreciation of the special Admiral culture, entrepreneurial spirit, commercial track record and people development skills.”
Commenting on his time with Admiral, Stevens said that “few managers are lucky enough to be part of as fulfilling a corporate story as Admiral.
”Alongside my sense of good fortune and gratitude to those who made it possible, notably, Admiral’s founder Henry, and my many talented colleagues over the years, I feel a responsibility to do what’s best for the long-term future of Admiral.
”That’s why I am looking to pass on stewardship of Admiral to a very talented next generation of Admiral management led by Milena Mondini.
”They are collectively more than capable, not just of sustaining, but also of improving Admiral’s competitive competence and potent culture.
“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.”
Mondini de Focatiis, who has been with Admiral for 13 years said she looked forward to building on Stevens’ and Engelhardt’s legacy.
”Admiral has a unique culture with staff and customers at its core, which has underpinned its track-record of growth and success. The responsibility of ensuring this remains the case into the future is a challenge I am excited to take on.”
The company disclosed that Stevens will continue to be paid £416,048 per year, rising to £426,449 in September, plus an annual pension contribution of £4,000.
The news came on the same day that Admiral revealed it made more than half a billion pounds in pre-tax profit last year on the back of unusually high reserve releases and a shift in strategy towards profit as opposed to growth.
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