Admiral Group PLC (LON:ADM) said the duties of chief executive have been fully handed over to Milena Mondini de Focatiis.

As a result, current group CEO and co-founder David Stevens will retire from his position and as a director of the FTSE 100-listed insurer at the end of the month.

However, he will continue to work for Admiral in a part-time capacity, providing consultancy support on risk selection and as a board member of Admiral Financial Services Limited.

Chair Annette Court said: “David co-founded Admiral in 1991 and has had an immeasurable impact on the group. He has contributed enormously to all the elements that make Admiral so special and successful, including underwriting, product innovation, the unique Admiral culture and much more.

“We are delighted that David has agreed to continue to work for the Group in a part-time advisory capacity focusing on risk selection, financial services and diversification.”

She added that Mondini de Focatiis is “deeply embedded in the Admiral culture with an entrepreneurial spirit, excellent people development skills, and a strong commercial track record”.

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