Admiral chief's £1,000 retirement gift to workers
- Published
Henry Engelhardt was one of the founders of Admiral
Thousands of staff at insurance firm Admiral will get a £1,000 bonus as a thank you from boss Henry Engelhardt before he retires.
Employees with at least one year's service will receive the top payment, while others will get £500.
Mr Engelhardt retires in May after clocking up 25 years at the group he co-founded in 1991.
Admiral employs 8,375 staff, including more than 6,000 in the UK, and the move will personally cost him £7m.
He said: "We are making this gift in recognition of the hard work and team spirit that has underpinned Admiral's success as we've grown from a start-up with value of £0 to a FTSE 100 company with a value of £5 billion today."
All Admiral staff, from those working in Swansea, Cardiff and Newport, to Delhi, Richmond and Rome "and all places in-between", will get the gift.
Mr Engelhardt will be replaced by co-founder and current Admiral chief operating officer David Stevens.
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