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Persimmon Overhaul Continues with New Director to Oversee Executive Pay

UK firm, Permisson, is planning to enforce a new non-executive director as the housebuilder aims to move to forward from the furore surrounding executive pay.

After the company had been accused of gaining excessive profit on the back of the government’s Help to Buy initiative, has introduced new initiatives in recent weeks with hope to reinvent its image.

Chairman, Roger Devlin, has insisted on an independent review of its customer care provision to be led by the QC representing survivors and victims of the Grenfell Tower fire. Last month it was said that there would be a launch of a retention scheme for its customers which would see an average of £3,600 held back by a homebuyer’s legal team if faults are identified during the point of purchase.

Devlin has hired HR director for pharmaceutical firm GlaxoSmithKline, Claire Thomas, as a non-exec to sit on the housebuilder’s remuneration and nomination committees and her contract will begin on 1 August.

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Devlin states: “We are building a new Persimmon with progressive changes being made to our customer care, governance and remuneration. As part of that plan, we are further strengthening our board and remuneration committee with the appointment of a new, forward-thinking independent director.”

The executive pay scandal struck the firm’s reputation which saw the former chief executive, Jeff Fairburn, to be given £7.5m under a long-term incentive plan. However, Fairburn was forced to stand down last year and was later replaced by new chief executive, Dave Jenkinson.

In February of this year, Persimmon proposed a pre-tax profit of just over £1bn for 2018 as the Liberal Democrat leader, Vince Cable - who is also a long-time critic of Help to Buy - accused the firm of making money on the back of public earnings.

Specialists in Construction Insurance

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