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Persimmon boss Jeff Fairburn pushed out over £75m pay row

7:52 am, 7th November 2018

The UK’s largest housebuilder said he would go “by mutual agreement” on 31 December and be replaced in an interim basis by the group’s managing director David Jenkinson pending the appointment of a permanent successor.

The company’s statement said of Mr Fairburn’s departure: “The board believes that the distraction around his remuneration from the 2012 LTIP (long-term incentive) scheme continues to have a negative impact on the reputation of the business and consequently on Jeff’s ability to continue in his role.”

It said the row had become a “distraction”.

The decision risked a further backlash as it emerged that because he had been asked to leave the firm, it could not prevent the payment of share payouts due to him under the scheme.

Persimmon said he had agreed to cut his 12-month notice period and would not receive any further salary or benefits after 31 December.

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