It’s a big day for Admiral Group Plc, which today (March 05) hits us with a headline combo of its full-year numbers and the planned retirement of co-founder and chief executive David Stevens.
In its succession announcement this morning, the Cardiff-headquartered insurer revealed the promotion of UK and European insurance head Milena Mondini de Focatiis to group CEO-designate, lining her up to take over from Stevens who is stepping down a year from now.
Group chief executive since May 2016, the Admiral boss will continue to work for the company in a part-time advisory capacity after the transition period. Mondini de Focatiis, who has been with the firm since 2007, will officially become CEO then.
Commenting on the development, Admiral chair Annette Court stated: “It is 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 seen 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 £6 billion.
“David isn’t going just yet and I don’t want to use up all my accolades until he actually steps down in 12 months’ time. 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.”
Stevens’ replacement, meanwhile, was chosen following what was described as a thorough selection process that was in line with the board’s long-term succession plan.
“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,” said the current chief executive, “and ensure that Admiral will continue to ‘go like a freight train’ in the years to come.”
In a separate regulatory filing, Admiral reported posting a group statutory profit before tax of £522.6 million, a 10% increase from the company’s 2018 result. The group’s share of profit before tax stood at £526.1 million, which Admiral called a “record” figure.
Based on the full-year 2019 results, the insurer’s staff will each receive free shares worth up to £3,600 under its employee share scheme. In addition, the entire workforce will receive a one-off £500 bonus to reflect the group’s strong performance.
