Persimmon Plc (LON:PSN) has announced 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.”
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.
