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Admiral Group nonexecutive chairman to step down

Admiral Group Plc's nonexecutive chairman, Alastair Lyons, will not seek re-election as a director of the company at its April 26 annual general meeting.

Lyons, who has served as chairman since 2000, said that after Admiral replaced long-standing CEO Henry Engelhardt with co-founder and COO David Stevens, "it is the right time for me also to hand over."

A successor to Lyons will be announced once regulatory approvals are received, Admiral added.