Friday, 23 February 2018

Persimmon chief's executive bonus cut by £25m

The bonus payout to the chief executive of Persimmon will be cut by £25m following fierce criticism over excessive rewards.

The housebuilder said Jeff Fairburn had agreed to cut the number of shares he was entitled to, although he still stands to receive a bonus worth £74m.

Two other executives at the company will also receive lower bonuses.

The row over bonus levels led to the departure of Persimmon's chairman last year.

Under the original incentive plan, Mr Fairburn, chief financial officer Mike Killoran and group managing director Dave Jenkinson had stood to receive bonuses totalling more than £200m.
Aberdeen Standard Investments, the sixth-largest shareholder in Persimmon, had called the package "grossly excessive".

The company had also been criticised as housebuilders have benefitted over the past few years from a rising housing market and the government's Help to Buy scheme.

BBC             News.