Home Construction Persimmon boss leaves as his £75 million pay is distracting people

Persimmon boss leaves as his £75 million pay is distracting people

The boss of Persimmon Jeff Fairburn is to leave after a fallout over his £75m pay award.

Persimmon said he left by “mutual agreement and at the request of the company”. Which is weird, is that business speak for we asked him to leave and he agreed?

Last month Mr Fairburn walked away from a BBC interview when asked about his pay.

“I’d rather not talk about that,” he told a BBC reporter when asked in October about the bonanza cash windfall.

How much money did he keep?

Mr Fairburn had seen his pay package reduced from £100m after a public outcry, but he will now keep £75m worth of shares when he leaves at the end of the month.

The company said it could not claw back any of the share awards, known as a long-term incentive award (LTIP).

It added that he would receive no further pay after he left on 31 December.

Roger Devlin, Persimmon’s chairman, said: “Given the continuing distraction around the scale of his remuneration resulting from the 2012 LTIP, the Board believes that it is now necessary for there to be to be a change of leadership”.

However, he also pointed out that the company’s stock market value had doubled since Mr Fairburn took over in 2013, to £7.5bn. Mr Devlin, who was appointed chairman in June, also said that under his tenure the company had also handed more than £2.2bn to shareholders.

No small figures……

Is that a fair amount for work complete?

James Caldwell
Editor for the Business Bible. James took on the role in March 2019 and shares his vast experience of International Business and Trade. James was previously Director of an international events company in Manchester and still remains active in the events industry.

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