- Persimmon chief Jeff Fairburn says has said he never wanted his £110 million bonus and announced plans to give away a “substantial” amount of the money to charity.
- “I would like to make it clear that I did not seek these levels of award nor do I consider it right to keep them entirely for myself,” said Fairburn.
LONDON – The chief executive of FTSE 100 housebuilder Persimmon has said he never wanted his £110 million bonus and announced plans to give away a “substantial” amount of the money to charity.
Jeff Fairburn said he received the windfall as part of an uncapped bonus scheme which was in place before he became chief executive in 2013.
He said he initially planned to take an “old-fashioned approach” and keep his philanthropy private.
“It’s now clear that this belief was misplaced and so I am making my plans public and recognise that I should have done so sooner,” he said in an emailed statement on Wednesday.
“I would like to make it clear that I did not seek these levels of award nor do I consider it right to keep them entirely for myself.”
“Once it became apparent that our outperformance would lead to a very significant award for me, I made plans to use a substantial proportion of the total to support the charities that are particularly important to me and my family.”
He did not say which charities would receive the money or how much he would give away.
Persimmon’s chairman and the head of its pay committee were forced to quit in December last year following outrage over the uncapped pay scheme, which saw three of the firm’s top directors earn over £200 million the month previously.
Shares in the housebuilder were up in early on Thursday morning:
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.