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Housing boss sets up trust

Persimmon chief bows to pressure over bonus

PersimmonPersimmon chief executive Jeff Fairburn has bowed to pressure over his entitlement to millions of pounds in bonuses and said he will set up a charitable trust.

Mr Fairburn is taking the brunt of criticism over the housebuilder’s incentive plan that could see him receive share options worth more than £100m.

The firm’s chairman and the head of its pay committee quit last year after they failed to curb the scheme.

Today Mr Fairburn conceded the public’s outrage over the size of the package and said he would be setting up a trust to support good causes.

“I recognise and profoundly regret that Persimmon’s strong performance over the last few years is being eclipsed by the controversy surrounding the 2012 LTIP (long-term incentive plan) award,” he said.

“I am setting up a private charitable trust which I plan to use to benefit wider society over a sustained period of time by supporting, in a very meaningful way, my chosen charities.”

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