Admiral Group PLC Statement Re Chief Executive Officer Succession
March 05 2020 - 2:00AM
UK Regulatory
TIDMADM
Admiral Group plc
5 March 2020
Chief Executive Officer Succession
Admiral Group plc ("Admiral" or "the Group") announces that David
Stevens, Admiral Group Chief Executive Officer ("CEO"), has notified the
Board of his intention to retire from his position as Group CEO and as a
director in 12 months' time.
Following the completion of a thorough selection process and in line
with the Board's long-term succession plan, David will be replaced by
Milena Mondini de Focatiis, the Group's current Head of UK and European
Insurance, who will be promoted to Group CEO-Designate and join the
Board as an executive director in due course. Milena will assume the
CEO role after the transition period.
David co-founded Admiral in 1991 and has been Group CEO since May 2016.
He will continue to work for the Group in a part-time advisory capacity
after the transition period.
Milena joined Admiral in 2007 and was most recently appointed Head of UK
and European Insurance in July 2019. She has been a member of the
leadership team throughout her time at Admiral, has extensive experience
of the Group's operations and has attended and actively contributed at
Board meetings as an observer since 2011. Her previous roles included
being CEO of ConTe.it, Admiral's Italian insurance business which she
founded in 2008.
Before joining Admiral, Milena worked as a consultant for Bain & Co and
Accenture. She holds an MBA from INSEAD.
Annette Court, Admiral Group Chair, commented:
"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
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 GBP6 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.
"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."
David Stevens commented:
"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."
Milena Mondini de Focatiis commented:
"I am immensely proud and humbled to be given the opportunity to succeed
David as CEO of a truly special company. During my 13 years with the
Group I have worked closely with David, and previously Henry, and look
forward to building on their 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.
"Thank you, David, for everything you've done for Admiral, and I look
forward to continuing to work closely with you during the transition."
Remuneration
David will continue to receive his current annual salary of GBP416,048
(increasing to GBP426,449 with effect from 1 September 2020) plus
pension contributions of around GBP4,000 per annum and modest benefits
as outlined in the remuneration report for the twelve-month transition
period. No further payments in relation to his services as a director
of Admiral will be made after his retirement. This is consistent with
the Group's remuneration policy and the information is provided for the
purposes of section 430(2B) of the Companies Act 2006
Information on Milena's remuneration as CEO-Designate and CEO will be
provided in due course.
Board composition
Following Milena's appointment to the Board, its membership will
comprise:
Non-executive Chair:
Annette Court
Executive Directors:
David Stevens (Group CEO)
Milena Mondini de Focatiis (Group CEO-Designate)
Geraint Jones (Chief Financial Officer)
Independent Non-Executive Directors:
Mike Brierley
Owen Clarke
Andy Crossley
Karen Green
Jean Park
Justine Roberts
Manning Rountree
This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014.
For more information, please contact:
Admiral Group plc
Marisja Kocznur +44 (0) 29 2060 2034
Investors & Analysts
FTI Consulting
Edward Berry +44 (0) 20 3727 1046
Tom Blackwell +44 (0) 20 3727 1051
(END) Dow Jones Newswires
March 05, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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