A trio of bosses at Persimmon Homes have agreed to hand back part of their bonuses following a public backlash.

Chief Executive Officer Jeff Fairburn, Chief Financial Officer Mike Killoran and Group Managing Director Dave Jenkinson will have their payouts slashed by more than £50 million after the housebuilder was strongly criticised by both shareholders and politicians over the deal.

Mr Fairburn's £100m worth of shares will be cut to £75m, while Mr Killoran will receive £24m less than then £78m he was originally due. In addition, Mr Jenkinson will see his bonus cut by £2m to £38m.

-- Advertisement --

Persimmon said: "The Board believes that the LTIP put in place in 2012 has been a significant factor in the Company's outstanding performance.  In particular, it has contributed to industry-leading levels of margin, return on assets and cash generation.

"Nonetheless, it is clear that the absence of a cap, in recognition of which the Chairman and former Remuneration Committee Chair offered their resignations from the Board on 14 December 2017, has given rise to the potential for pay-outs which, when triggered in full, will be significantly larger and paid earlier than might reasonably have been expected at the time the scheme was originally put to shareholders."

(LM)