Admiral Group PLC Admiral Group Plc : Chief Executive Officer ('CEO')
May 13 2015 - 2:01AM
UK Regulatory
TIDMADM
13 May 2015
Admiral Group plc announces that Henry Engelhardt has decided to step
down from his role as CEO in one year's time. He will be replaced by
co-founder and current Admiral Chief Operating Officer ('COO'), David
Stevens.
Henry has been Chief Executive of Admiral since its creation in June
1991 and throughout its life as a listed company.
David has been with Admiral since August 1991, prior to Admiral's
January 1993 launch. As well as having been the CEO of the UK insurance
business since 2008, David is also the Group COO, a role that gives him
extensive knowledge of the Group's other operations. Prior to Admiral,
David worked for both McKinsey and Cadbury Schweppes and holds an MBA
from Insead.
Alastair Lyons, Group Chairman, says: "There is no way to measure
adequately the contribution of the founder of a business that has grown
from zero to over GBP4 billion market capitalisation, employs over 7,000
people and serves more than 4 million customers. On behalf of the Board
and the entire Group I want to thank Henry for everything he has done
over so many years and will continue to do until he steps down in 12
months time. Equally, we are hugely fortunate to have someone of
David's capability and experience to succeed Henry and I am very
confident that Admiral will continue to go from strength to strength in
the future."
David Stevens comments: "After working alongside Henry for the last 24
years I will be very sad to see him no longer at the helm of Admiral. I
am delighted that the Board is offering me the opportunity to succeed
Henry and build on his formidable legacy. Whilst Henry will cease to be
the CEO and a director at Admiral, I am very pleased to be discussing
with him ways in which he might continue to make his unique skills and
experience available to the Group after he steps down as CEO."
Henry Engelhardt says: "Don't bury me yet, Guys! I still have 12 months
on the job and lots to accomplish in that time. But I see the wealth of
management talent we have rising up in the organisation and I think that
in a year it will be the right moment to start the transition towards
that younger, very talented team."
For further information, please contact:
Admiral
Karen Maguire Investors & Analysts +44 (0) 2920 602 075
Louisa Scadden Media +44 (0) 2920 434
394
FTI Consulting
Paul Marriott +44 (0) 203 727 1341
Ed Berry +44 (0) 203 727 1046
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Admiral Group PLC via Globenewswire
HUG#1921184
http://www.admiralgroup.co.uk
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