Persimmon CEO to step down

The CEO of Persimmon is to leave his role following criticisms of his £75m bonus.

According to the housebuilder’s statement, the “distraction” around Jeff Fairburn’s pay award was having a negative impact on the company’s reputation, and so the decision was made “by mutual agreement and at the request of the company” for the CEO to step down.

David Jenkinson, currently group managing director, is to be appointed as interim group chief executive, assuming his new role on 31 December 2018.

Fairburn has been the CEO of Persimmon since April 2013, with the company’s stock market value doubling to £7.5bn over his five years in the role.