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).
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.
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.