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New chief executive of Persimmon will rake in £725k a year

"Hector Colson" (2020-06-24)

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Finch, who has been National Express' boss since 2010, is set to take up the role at the end of the year and will rake in a base annual salary of £725,000.  

The incoming boss will replace David Jenkinson, who announced plans to step down as chief executive in February after just over a year in the role. Persimmon has appointed former National Express boss Dean Finch as its new chief executiveOn top of his annual base salary, Finch will also receive a pension allowance of 9 per cent of his salary 'in line with the contribution available for Persimmon's salaried employees.'The company added: ' From 1 January 2021 he will be able to participate in the company's existing annual bonus plan up to a maximum of 200% 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.  RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP 'As set out in the remuneration policy for the Executive Directors, a significant proportion of Dean's remuneration will be based on non-financial metrics including customer care and quality.'Commenting on Finch's appointment, Roger Devlin, Persimmon's chairman, said toady: 'Dean is a seasoned, well-respected and proven chief executive with an exceptional record.'In his current role he has delivered substantial strategic and operational progress over a sustained period, delivering value for all stakeholders in the business while developing a distinct and cohesive culture, focused on customer care and service.'The board believes that Dean is a great fit for Persimmon and is well qualified to lead the into the next phase as we continue to drive a programme of change to become the leading volume builder of good value, quality family homes throughout the UK.' Earlier this month, Persimmon's current boss Dave Jenkinson cashed out £2.2million worth of shares as he prepares to leave.The housebuilder will forever be remembered for the £80million bonus which led to the resignation of chief executive Jeff Fairburn.Under the same scheme, Jenkinson received more than £40million. He has now sold 89,000 shares, at £24.76 each and his holding is now worth £19.7million.Persimmon reopened its sales sites across England on 15 May, with social distancing measures in place and only those with able to attend.The company restarted work at some of its construction sites in England on 27 April, and by 4 May had over 65 per cent of its sites reopen.In the eight weeks ended 10 May, the company secured 1,351 gross private sales reservations, with a total of 1,300 legal completions being made in the same period.

Cancellation levels remain in line with historic trends, according to the company.Shares in Persimmon are down 1.27 per cent or 30p to 2,332p this morning, having dropped to around the 1,546p mark once lockdown kicked in.  A chart showing Persimmon's finances, costs and profits since 2010 TOP DIY INVESTING PLATFORMS