Admiral Group’s CEO and director David Stevens has announced his retirement from the firm in 12 months’ time after nearly 30 years of service.
Stevens will be succeeded by Milena Mondini de Focatiis, the group’s current head of UK and European insurance.
Stevens co-founded Admiral in 1991 before becoming group CEO since May 2016. He will continue to work for the Group in a part-time advisory capacity after the transition period.
Mondini de Focatiis joined Admiral in 2007 and since then has been a member of the leadership team. She has extensive experience of the group’s operations and has attended and actively contributed at Board meetings as an observer since 2011.
Prior to joining Admiral, her previous roles included being CEO of ConTe.it, Admiral’s Italian insurance business which she founded in 2008.
Annette Court, Admiral Group chair, commented: “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.”
Stevens shared: “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.”
Mondini de Focatiis added: “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.”