Business
CEO change
CEO change.
About this update from Persimmon Plc
[{"type":"text","content":"\n \nRNS Number : 5936G Persimmon PLC 07 November 2018 \n\n7 November 2018\n \nPersimmon plc\n(\"Persimmon\" or \"the Company\")\n \nJeff Fairburn to step down as CEO\n \nDavid Jenkinson to be appointed interim CEO \n \nPersimmon plc announces today that by mutual agreement and at the request of the Company, Jeff Fairburn, Group Chief Executive, is to step down. Jeff has been a successful leader of the business since his appointment in 2013, but the Board believes that the distraction around his remuneration from the 2012 LTIP scheme continues to have a negative impact on the reputation of the business and consequently on Jeff's ability to continue in his role. \n \nDavid Jenkinson, currently Group Managing Director, will be appointed as interim Group Chief Executive and will assume his new role on 31 December 2018 and Jeff will leave the Company on that date. The Board has commenced a formal process to select a permanent successor. \n \nDavid joined Persimmon in 1997 and was appointed to the Board in December 2013. He was appointed Group Managing Director in January 2016 and, working with Jeff, has played a central role in the development of the business. \n \nRoger Devlin, Persimmon's Chairman, said: \"Under Jeff's leadership Persimmon has sold more than 74,000 homes across the UK while more than doubling in size, increasing its market capitalisation from £3.4 bn to £7.5 bn, returning over £2.2bn to shareholders and producing industry leading margins and returns on capital. However, given the continuing distraction around the scale of his remuneration resulting from the 2012 LTIP, the Board believes that it is now necessary for there to be to be a change of leadership. On behalf of the Board I would like to thank Jeff for his significant contribution to the business over a 29 year period.\n \n\"David is an experienced operator in the housebuilding sector and has made a significant contribution to Persimmon in a number of senior roles, particularly in land purchasing. I am grateful that he has agreed to take on the role of interim CEO.\"\n \nJeff Fairburn said: \"It has been an honour to lead Persimmon through an exciting period of development. I had hoped that revealing my plans to create a charitable trust and to waive ...