Persimmon PLC Appointment of new Chief Executive Officer (8588Q)
24 Junio 2020 - 01:00AM
UK Regulatory
TIDMPSN
RNS Number : 8588Q
Persimmon PLC
24 June 2020
24 June 2020
Persimmon plc
Appointment of new Chief Executive Officer
The Board of Persimmon Plc is pleased to announce the
appointment of Dean Finch as Group Chief Executive. Dean will
succeed David Jenkinson, who announced in February 2020 that he
wished to step down once a suitable successor had been identified.
Dean, 53, is expected to join the Persimmon Board and take up the
CEO post at the end of the year.
Dean is a widely experienced senior executive with a strong
commercial, financial and operational track record spanning a
30-year career in Europe and North America. He has been the CEO of
National Express plc since 2010, and during his tenure has built
the business into Britain's leading transport group. Prior to that
he was Group Chief Executive of Tube Lines and Group Finance
Director and Group Chief Operating Officer at First Group plc,
where he also held a number of other senior roles.
Roger Devlin, Persimmon's Chairman, said: "Dean is a seasoned,
well-respected and proven Chief Executive with an exceptional
record. In his current role he has delivered substantial strategic
and operational progress over a sustained period, delivering value
for all stakeholders in the business while developing a distinct
and cohesive culture, focused on customer care and service. The
Board believes that Dean is a great fit for Persimmon and is well
qualified to lead the business into the next phase as we continue
to drive a programme of change to become the leading volume builder
of good value, quality family homes throughout the UK. I look
forward to welcoming him to the Company at the end of the year.
"I would also like to thank Dave Jenkinson for his outstanding
contribution to Persimmon over many years, and particularly for his
decisive leadership during the Covid-19 outbreak. Dave has
committed to lead the business until the conclusion of the current
financial year in December."
Dean Finch said: "Persimmon is a strong business operating in a
sector that has a critical role to play for both the people and the
economy of the UK as we emerge from the profound disruption of
Covid-19. I look forward to leading the business in its drive to
become Britain's best housebuilder and delivering for all
stakeholders in the business whilst continuing to deliver strong
financial returns to investors."
Remuneration
All remuneration arrangements for Dean are consistent with the
terms of the Directors' Remuneration Policy approved by
shareholders at the AGM in April 2020. As Group Chief Executive ,
Dean will receive an annual base salary of GBP725,000 and a pension
allowance of 9% of salary in line with the contribution available
for Persimmon's salaried employees. From 1 January 2021 he will be
able to participate in the Company's existing annual bonus plan up
to a maximum of 200% of salary (with 50% of any bonus earned being
deferred into Persimmon shares for three years), and the
Performance Share Plan up to 200% of salary (based on performance
over three years and subject to a further two year holding period).
As set out in the remuneration policy for the Executive Directors,
a significant proportion of Dean's remuneration will be based on
non-financial metrics including customer care and quality.
Dean will also receive awards in Persimmon shares to compensate
for some, but not all, of the remuneration he is forfeiting on
leaving his previous employer. These will remain subject to
performance conditions where appropriate and reflect the value of
the forfeited awards. The vesting timeline of the replacement
awards will be the same as (or extended from) those which apply to
the forfeited awards. Details will be disclosed in Persimmon's
Directors' Remuneration Report for the year ending 31 December
2020.
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of the Group is Tracy Davison, Company Secretary.
For further information, please contact:
Citigate Dewe Rogerson
Simon Rigby / Kevin Smith / Jos Bieneman
Tel: +44 (0)20 7638 9571
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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