Admiral Group PLC Admiral Group Plc : Chief Executive Officer ('CEO')

 
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        [phone] 
 
   Louisa Scadden       Media                             [phone] 
394 
 
   FTI Consulting 
 
   Paul Marriott                                                  [phone] 
 
 
   Ed Berry                                                        [phone] 
 
 
   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