Persimmon's Chairman, Nicholas Wrigley, has resigned from his position amid revelations that more than £100 million in bonuses is to be paid to senior staff in the new year.

In an announcement today 15 December, the company revealed Jonathan Davie, Senior Independent Director and Chairman of the Remuneration Committee, also resigned from the Board on 14 December.

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Persimmon said: "The Company introduced a Long Term Incentive Plan in 2012 ("2012 LTIP").

"The Board believes that the introduction of the 2012 LTIP has been a significant factor in the Company's outstanding performance over this period, led by a strong and talented Executive team.

"Nevertheless, Nicholas and Jonathan recognise that the 2012 LTIP could have included a cap. In recognition of this omission, they have therefore tendered their resignations."

Mr Wrigley will remain in his position while Persimmon begins looking for a successor.

(LM)