The head of cachi delivers his shares to his wife for a value of nearly 10 million pounds


A construction chief forced to give up his job for a toxic bonus scheme has delivered his shares to his wife for a value of around £ 10 million.

Persim CEO Jeff Fairburn, who is leaving the end of the year after a violent reaction to his salary, gave his wife Jayne 510,400 shares in the company.

Those shares were worth £ 9.9 million when the stock was closed at 1946 p last night.

In the money: Persimmon CEO Jeff Fairburn and his wife Jayne

In the money: Persimmon CEO Jeff Fairburn and his wife Jayne

In the money: Persimmon CEO Jeff Fairburn and his wife Jayne

He followed a similar move at the start of this year, when Fairburn, 52, gave his shares worth £ 3.2 million.

Persimmon also revealed that Fairburn received another £ 43.2 million worth of Thursday's notorious bonus system. After tax, the amount was reduced to £ 22.9 million. He followed a payment at the start of the year worth £ 26 million or £ 13.9 million after tax.

Persimmon set up the bonus scheme that led to Fairburn payments in 2012, to reward directors if they hit targets linked to shareholder returns, but the board failed to impose limits on the maximum payable amount.

The Help To Buy scheme, launched in 2013 by then Chancellor George Osborne, which allows buyers to borrow money from the state and spend it on a new property, was a huge subsidy to developers and put an unexpected rocket under the price of Persimmon shares.

The title has risen by almost 90% since Help To Buy was launched, turning the bonus program into a huge manager money bettor.

It has infuriated critics who claimed to benefit from the use of public funds to repair the distressed real estate market.

The rich prizes have also angered fellow businessmen. Lord Bamford, the billionaire owner of the JCB excavator company, became the last of a yesterday's interview. "Persimmon is not a revolutionary business", he told the London Evening Standard. "Hands paid, were they doing something extraordinary? No. & # 39;

Fairburn, an auto racing fanatic who once booked a family vacation near Silverstone to attend the British Grand Prix, has been leading Persimmon since 2013. He was forced to give way to fears that the row of wages will hurt. the reputation of the company.

The CEO lives in a £ 1 million house in Durham, but is known for its relative modesty, avoiding the flashy cars and corporate jets loved by other FTSE 100 leaders.

He is married to Jayne, 51, who is the treasurer of the Pancreas North pancreatitis support group, and they have three children.

Fairburn can not sell most of the stock delivered to it until 2021 on the basis of an agreement with the company.

Luke Hildyard of the High Pay Center said: "The Persimmon saga does not become less offensive over time, it is really surreal that Fairburn has been able to get such a blatantly excessive and unjustified payment, and represents a spot on British business and corporate governance that will be hard to erase. "

Fairburn has agreed to forgo part of his bonus and is committed to creating a charitable trust by using some of the money. But the pressure continued and last month had to quit the job after refusing to answer journalists' questions about the bonus.

Persimmon said that, as Fairburn was leaving the company's request, it was not legally able to withhold any of the quota payments that came to him.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.