REG - Persimmon Plc - Appointment of Chief Financial Officer

PersimmonAnnouncement

13/01/2022 07:05

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RNS Number : 2776Y  Persimmon PLC  12 January 2022

13 January 2022

Persimmon Plc

("Persimmon" or "the Group")

 

Appointment of Chief Financial Officer

 

The Board of Persimmon Plc is pleased to announce the appointment of Jason
Windsor as Chief Financial Officer. Jason is expected to join in the summer
and will become an Executive Director on the Board at that time. He will
succeed Mike Killoran, who announced in July 2021 that he would be retiring in
mid-January 2022 after more than 25 years with the Group.

 

Jason is an experienced finance executive who has established a strong track
record in a variety of senior financial roles over the last 26 years. He has
been Group Chief Financial Officer of Aviva PLC since 2019, having previously
been Chief Financial Officer of both its UK Insurance and UK Life businesses,
after originally joining the business in 2010. Prior to that he spent 15 years
at Morgan Stanley, latterly as a Managing Director within its Investment
Banking Division.

 

Roger Devlin, Persimmon's Chairman, said: "Jason is a well-respected and
proven FTSE 100 CFO and we are delighted to have recruited someone of his
calibre and experience as Chief Financial Officer to complement our strong
management team. In his current role Jason has demonstrated an ability to
deliver sustained financial and strategic progress while working in a large
consumer-facing business. These skills will be highly relevant and
transferable to Persimmon as we continue our drive to become the leading
builder of good value, quality family homes in the UK. We look forward to
welcoming him to the Group in the summer.

 

"I would also like to thank Mike Killoran once again for his significant
contribution to the success of Persimmon over many years. Everyone at
Persimmon wishes Mike well in his retirement."

 

Jason Windsor said: "I'm delighted to be joining the Group and excited by the
opportunities ahead. Persimmon has a leading position in a critical sector of
the UK economy and I'm looking forward to working with the team as they
continue their journey to becoming Britain's best housebuilder, whilst
maintaining industry-leading financial returns."

 

Mike Killoran will leave the Group as planned on 14 January 2022. With Jason
expected to join in the summer, Dean Finch, Group Chief Executive, will assume
interim responsibility for the finance function. Dean will be supported by
Mike Smith, Group Financial Controller - Reporting, and Jim Wilkinson, Group
Financial Controller - Operations.

 

Remuneration

 

Jason Windsor

 

All remuneration arrangements for Jason are consistent with the terms of the
Directors' Remuneration Policy approved by shareholders at the AGM in April
2020. As Chief Financial Officer, Jason will receive an annual base salary of
£675,000, which is the same as his salary at Aviva, and a pension allowance
of 9% of salary in line with the contribution available for Persimmon's
salaried employees. For 2022 Jason will also be able to participate in the
Company's existing annual bonus plan up to a maximum of 175% 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). Jason's
remuneration is at a similar level to his existing package at Aviva. As set
out in the remuneration policy for the Executive Directors, a proportion of
Jason's remuneration will be based on non-financial metrics including customer
care and quality.

 

Jason will also receive awards to compensate for 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 those which
apply to the forfeited awards. Details will be disclosed in Persimmon's
Directors' Remuneration Report for the year ending 31 December 2021.

 

Mike Killoran

 

Mike Killoran will receive his salary and benefits up until the date of his
retirement on 14 January 2022. The Remuneration Committee has determined that
Mike will be treated as a Good Leaver and he will therefore receive any bonus
earned for the year ended 31 December 2021 and outstanding Performance Share
Plan awards on a time pro-rated basis and subject to the performance
conditions, in recognition of his significant contribution to the success of
the Group over many years.  Vesting will occur on the normal dates. Details
of the remuneration arrangements relating to Mike Killoran can be found on the
Group website at:
www.persimmonhomes.com/corporate/investors/corporate-governance/board-of-directors.

 

Jason Windsor is also a director of General Accident PLC, a subsidiary of
Aviva PLC. There are no further disclosures required in respect of Listing
Rule 9.6.13.

 

For further information, please contact:

 

Citigate Dewe Rogerson

 

Kevin Smith / Jos Bieneman

 

Tel: +44 (0)20 7638 9571

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