Persimmon executives agree to take bonus cuts, following widespread criticism of its tens-of-million-pound payouts lined up from its non-capped 2012 long-term incentive scheme.
Persimmon houses, Newcastle. Photo: Shutterstock
Mega payouts lined up for Persimmon executives due to an unfettered bonus scheme have been reined in, the housebuilder has confirmed.
After drawing criticism from a range of quarters for the scheme, which had promised a number of executives bonuses amounting to tens of millions of pounds following strong performance, the next tranche will be halved upon vesting.
CEO Jeff Fairburn and CFO Mike Killoran have reduced their overall entitlement to 50% of the shares due when the group has returned 620p per share in cash to shareholders. Group MD Dave Jenkinson has agreed to a similar deal.
The cut will see Fairburn give up some £30m, acco
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