Admiral chief to step down after being driving force for 25 years

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Admiral boss Henry Engelhardt is to step down next May after clocking up nearly 25 years at the wheel of one of Britain’s biggest motor insurers.

He will hand over the reins in a year’s time after serving as chief executive since the Cardiff-based company was founded in June 1991 – a tenure that has seen him steer the group into the FTSE 100 top share index of firms and grow its market capitalisation to more than £4bn.

The 57-year-old US entrepreneur will be replaced by co-founder and current Admiral chief operating officer David Stevens.

Mr Engelhardt, who owns 11.7 per cent of the company, said he wanted to make way for a younger management team to take the group forward.

He said: “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.”

Admiral group chairman Alastair Lyons paid tribute. He said: “There is no way to measure adequately the contribution of the founder of a business that has grown from zero to over £4bn market capitalisation.”