REG - Persimmon Plc - Appointment of Chief Financial Officer

PersimmonAnnouncement

08/11/2023 07:00

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RNS Number : 7038S  Persimmon PLC  08 November 2023

08 November 2023

 

Persimmon Plc

 

Appointment of Chief Financial Officer

The Board of Persimmon Plc is pleased to announce the appointment of Andrew
Duxbury as Chief Financial Officer (CFO). Andrew will join the Board as an
Executive Director, with his start date to be confirmed in due course. Dean
Finch, Group Chief Executive, will continue to hold interim responsibility for
the finance function, supported by Mike Smith, Group Financial Controller,
until Andrew joins.

 

Andrew has significant financial experience within the construction and
housebuilding sectors. He joins Persimmon from Galliford Try where he has
worked in various finance roles for over ten years, latterly as Group Finance
Director since March 2019. Prior to Galliford Try, Andrew spent 16 years at
PWC, leading a portfolio of significant clients for the firm.

 

Roger Devlin, Chairman, said: "I am delighted to welcome Andrew as our new
CFO. Andrew has extensive experience as a finance director in the construction
and housebuilding industry, which will be an invaluable asset to Persimmon as
we continue to provide good quality homes for families across the UK and
position the business for future growth. We look forward to welcoming Andrew
to the team."

 

Andrew Duxbury said: "I am delighted to be joining Persimmon and excited by
the opportunities ahead. Persimmon is a strong business with a proven track
record and plays an important role in the UK economy. I look forward to
working with the team to deliver its industry-leading financial ambitions
while continuing the significant recent progress in build quality and
service."

 

No further information is required to be disclosed pursuant to Listing Rule
9.6.13.

 

-Ends-

For further information please contact:

 Vicky Prior, Group IR Director                                                                      Olivia Peters
 Anthony Vigor, Group Director of Policy and External Affairs                                        Teneo

 Persimmon Plc                                                                                       persimmon@teneo.com (mailto:persimmon@teneo.com)
 01904 642                                                                                           +44 (0) 7902 771 008
 199

 

Notes to Editors:

 

Remuneration

All remuneration arrangements for Andrew are consistent with the terms of the
Directors' Remuneration Policy approved by shareholders at the AGM in April
2023. As Chief Financial Officer of Persimmon Plc, Andrew's remuneration will
comprise:

 

·    base salary of £530,000 p.a.

·    pension allowance of 9% of salary in line with the contribution
available for Persimmon's salaried employees, and other benefits in line with
the Directors' Remuneration Policy;

·    annual bonus of up to a maximum of 150% of salary, subject to
performance conditions (with 50% of any bonus earned being deferred into
Persimmon shares for three years);

·    Performance Share Plan award of up to 200% of salary (based on
performance over three years and subject to a further two year holding
period).

 

Over time, Andrew will be required to acquire Persimmon shares with a value of
400% of his base salary. At the date of this announcement, he holds no
ordinary shares in Persimmon.

 

Andrew will also receive awards to compensate for remuneration he is
forfeiting on leaving his current 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
2024.

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