Persimmon chairman quits over executive pay scheme

Galtero Lara
Diciembre 15, 2017

Nicholas Wrigley was appointed as chairman of the Persimmon board in 2011and is a member of the remuneration committee which is chaired by senior independent director Jonathan Davie.

It follows investor consternation over a long term incentive plan introduced in 2012, which could see the management share £600 million depending on profit and housebuilding targets. Jeff Fairburn, the chief executive, is due to receive his first £50 million tranche of shares later this month, worth a total of about £90 million at the current share...

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.

More news: Kanye West & Kim Kardashian Move Into $20 Million Home

Persimmon's statement read: "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 tendered their resignations.

Persimmon added that since 2012, when its capital return plan strategy was launched and the 2012 LTIP was approved by shareholders, it has made substantial cash returns to shareholders at the same time as increasing the size of the business and delivering significant shareholder value.

Otros informes por

Discuta este artículo

SIGUE NUESTRO PERIÓDICO