Persimmon has taken the unprecedented step of sacking its chief executive because his £76m bonus was damaging its reputation.
Jeff Fairburn agreed to step down from the FTSE 100 housebuilder “by mutual agreement and at the request of the board”, the company announced.
He had been “a successful leader”, it said, but “the distraction around his [bonus] continues to have a negative impact on the reputation of the business and consequently on Jeff’s ability to continue in his role”.
Fairburn, who was Britain’s highest paid chief executive last year, was originally in line for a £110m bonus from a reward scheme linked to Persimmon’s dividends and share price, which soared thanks to a government subsidy scheme to help first-time home buyers.
Fairburn was eventually awarded a reduced amount of £75m following an investor protest and public furore.
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