When a person retires after many years of service, they traditionally receive a card full of farewell wishes from their colleagues, and often a thoughtful gift—a framed photo or a large bouquet of flowers, perhaps.
That tradition has been turned on its head at one UK company: The boss is retiring, and he’s gifting £10 million ($12.7 million) to his employees as a goodbye.
David Stevens is the chief executive of Admiral, the successful Wales-based motor insurance company that’s been listed on the London Stock Exchange since 2004. He co-founded the business with his wife Heather in 1991.
Starting with a team of just 57, they now have 7,500 staff in the south of Wales, and 3,000 overseas in the US, Spain, Italy, France, India, and Canada.
Full-time workers will get £1,000 ($1,270), and part-time staff will receive £500 ($635).
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The 58-year-old CEO explained to the BBC, “Saying thank you to all Admiral staff in this way is the right thing to do.” We’re “proud and fortunate to have worked with a such a special group of people.”
Stevens isn’t the only businessperson to do good recently.
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After four decades of making secret donations, the Irish-American duty-free shopping billionaire Chuck Feeney has managed to give away his entire fortune at the age of 89.
(WATCH the Odgers Berndtson video below for Stevens’ wise words for future leaders…)
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