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23/02/2018
Persimmon Bosses Agree To Hand Back £50m Of Bonuses
A trio of bosses at Persimmon Homes have agreed to hand back part of their bonuses following a public backlash.
Chief Executive Officer Jeff Fairburn, Chief Financial Officer Mike Killoran and Group Managing Director Dave Jenkinson will have their payouts slashed by more than £50 million after the housebuilder was strongly criticised by both shareholders and politicians over the deal.
Mr Fairburn's £100m worth of shares will be cut to £75m, while Mr Killoran will receive £24m less than then £78m he was originally due. In addition, Mr Jenkinson will see his bonus cut by £2m to £38m.
Persimmon said: "The Board believes that the LTIP put in place in 2012 has been a significant factor in the Company's outstanding performance. In particular, it has contributed to industry-leading levels of margin, return on assets and cash generation.
"Nonetheless, it is clear that the absence of a cap, in recognition of which the Chairman and former Remuneration Committee Chair offered their resignations from the Board on 14 December 2017, has given rise to the potential for pay-outs which, when triggered in full, will be significantly larger and paid earlier than might reasonably have been expected at the time the scheme was originally put to shareholders."
(LM)
Chief Executive Officer Jeff Fairburn, Chief Financial Officer Mike Killoran and Group Managing Director Dave Jenkinson will have their payouts slashed by more than £50 million after the housebuilder was strongly criticised by both shareholders and politicians over the deal.
Mr Fairburn's £100m worth of shares will be cut to £75m, while Mr Killoran will receive £24m less than then £78m he was originally due. In addition, Mr Jenkinson will see his bonus cut by £2m to £38m.
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Persimmon said: "The Board believes that the LTIP put in place in 2012 has been a significant factor in the Company's outstanding performance. In particular, it has contributed to industry-leading levels of margin, return on assets and cash generation.
"Nonetheless, it is clear that the absence of a cap, in recognition of which the Chairman and former Remuneration Committee Chair offered their resignations from the Board on 14 December 2017, has given rise to the potential for pay-outs which, when triggered in full, will be significantly larger and paid earlier than might reasonably have been expected at the time the scheme was originally put to shareholders."
(LM)
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