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Ex-Persimmon CEO named 2018’s highest paid FTSE 100 boss

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  • 21/08/2019
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Ex-Persimmon CEO named 2018’s highest paid FTSE 100 boss
Jeff Fairburn, former CEO of Persimmon, has been named the highest paid FTSE 100 boss in CIPD’s ‘Executive pay in the FTSE 100’ report for the financial year ending 2018, following his controversial £75m bonus.

 

The house building company profited greatly off the Help to Buy scheme which has been criticised for increasing property prices, and Fairburn (pictured) was initially set to receive a £100m performance related payout.

This was reduced after the bonus received criticism from the Unite trade union who said his bonus showed “everything which is wrong in the housebuilding industry”. 

He was also named the highest paid FTSE 100 boss in 2017, after he pocketed a renumeration package worth £47m. 

Since the Help to Buy scheme launched in 2013, the demand for new-build homes increased and in that same year, Persimmon enjoyed a 45 per cent rise in weekly private sales during H2 compared to 2012. 

Fairburn headed the company since the inception of the scheme but stepped down on 31 December 2018 due to the backlash over his bonus. In the same year, Persimmon reported profits before tax of £1.1bn up from 2017’s £966m. 

During his tenure, Persimmon sold more than 74,000 homes across the UK and increased its market capitalisation from £3.4bn to £7.5bn.

 

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