Admiral Group PLC Statement Re Chief Executive Officer Succession

 
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)
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