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Persimmon chief ousted after pay furore

Persimmon chief ousted after pay furore

Persimmon (PSN) chief executive Jeff Fairburn is to step down at the request of the board, due to the uproar surrounding his remuneration package, which has damaged the housebuilder's reputation. Under the terms of a 2012 long-term incentive plan (LTIP) – which was approved by 84.9 per cent of the shareholders who voted – Mr Fairburn was due to receive around £100m in remuneration, as the group's share price benefited from soaring demand for new homes thanks to the government's Help to Buy scheme. That was later reduced to around £70m after Mr Fairburn created a charitable trust, waiving part of the incentive package as well as forgoing his 2018 bonus.

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