Persimmon’s chairman has stepped down after pay row
The chairman of Persimmon is to resign, a day after City A.M. revealed that the housebuilder is set ..
The chairman of Persimmon is to resign, a day after City A.M. revealed that the housebuilder is set to hand over huge payments to its senior team.
Nicholas Wrigley has said he will leave the company once a successor has been found.
Senior independent director Jonathan Davie, who chaired the remuneration committee, also resigned yesterday.
This comes after City A.M. revealed that bosses of FTSE 100 housebuilder firms are set to pocket £126m between them, with Persimmon's top dog accounting for £116m of the total.
Chief executive Jeff Fairburn will receive £50m in shares this month. The total payouts for 140 senior staff at Persimmon could reach an estimated £800m.
In a statement issued this morning, the company said that the long-term incentive plan could have included a cap, and that Wrigley and Davie were resigning in acknowledgement of this.
"The board believes that the introduction of the 2012 LTIP has been a significant factor in the Company's outstanding performance over this period, led by a strong and talented executive team. Nevertheless, Nicholas and Jonathan recognise that the 2012 LTIP could have included a cap. In recognition of this omission, they have therefore tendered their resignations."
Nigel Mills has stepped up to the position of senior independent director, while Marion Sears takes over the chair of the remuneration committee.
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