Admiral CFO Geraint Jones to retire

(Sharecast News) - Insurer Admiral said on Monday that chief financial officer Geraint Jones has decided to retire and will transition to a part-time role within the group from July. Geraint has been with Admiral for 24 years and a part of the group's executive leadership team and an executive director of the Admiral Group board since 2014.

The company said he played a key role in its transformation into a leading personal lines insurer and growing its market capitalisation from £3.7bn to £9.6bn.

Rachel Lewis, currently CFO for Admiral's UK insurance business and a director of the UK entity's board, will be appointed group CFO and join the Admiral Group board as an executive director on 1. Lewis has been with the company for 20 years and has extensive experience in financial strategy, disciplined cost management and driving growth, Admiral said.

Geraint Jones said: "Admiral is a special company and I feel really proud to have been part of the team that has shaped it into one of the UK's leading personal lines insurers and consumer finance providers. I've had the privilege of working for every Admiral CEO. While the business has changed a lot over the years, our culture and focus on doing the right thing for customers have remained constant.

"I will massively miss working with my colleagues every day but delighted that Rachel, who I have worked with for many years and knows the group well, will be taking over from me in the summer. I look forward to being able to support my colleagues in July and beyond in a different capacity."

At 1130 GMT, the shares were down 0.5% at 3,038p.