Departing insurance CEO in $10 million parting gift

Departing insurance CEO in $10 million parting gift | Insurance Business America

Departing insurance CEO in $10 million parting gift
When a CEO leaves a company, it is often them that are given the parting gifts but at international firm Admiral, the shoe is on the other foot.

Harry Engelhardt, the retiring CEO of the UK-based business, has announced that he and his wife, Diane, will give each full-time employee with more than a year’s service at the firm a parting gift of over $1500.

Other workers will be given around $750 as co-founder of Admiral steps aside, The Daily Express reported.

With more than 8,000 global staff the 25-year veteran of the business faces a bill of nearly $10 million.

Engelhardt, who was born in Chicago but now lives in Cardiff, said that he and his wife were making the contribution to celebrate the growth of the business and the hard work of staff.

“We are making this gift in recognition of the hard work and team spirit that have underpinned Admiral’s success,” Engelhardt said, according to The Daily Express.

“We’ve grown from a start-up with a value of £0 to a FTSE 100 company valued at £5billion today.” 

All currencies have been calculated from GBP to USD on on 21/03/2016