Persimmon appoints Roger Devlin as new chairman
Roger Devlin has been announced as the new chairman at Persimmon where he will replace Nicholas Wrigley who resigned amid concerns over excessive executive pay at the housebuilder.
Currently chairman at pub group and brewer Marston’s and recently appointed chairman-designate at betting firm William Hill, Mr Devlin will take on the post from June 1.
His appointment comes after Mr Wrigley and remuneration committee chair Jonathan Davie stepped down in December following investor disquiet over a long term incentive plan introduced in 2012, which could have seen the management share £600 million depending on profit and housebuilding targets.
Believed to be the most generous ever in the UK, the bonus payouts were linked to the company’s stock market performance, which has been massively boosted by the UK government’s Help to Buy scheme.
Nigel Mills, senior independent director and acting chairman of Persimmon, said: “Following a very thorough process, the Board has agreed that Roger is the right candidate to chair Persimmon. I am sure that his wide business experience and his personal qualities will enable him to make a significant contribution to the future of the group.”
Roger Devlin, who is also currently the senior independent director of the Football Association, will step down from both this role and his position at Marston’s on May 31.
He said: “Persimmon has delivered excellent financial performance as well as materially increasing output in recent years. The housebuilding industry offers good growth prospects, and I look forward to working with Jeff Fairburn, his executive team and the Board in providing a broad range of quality homes to our valued customers while continuing the group’s track record of superior returns to shareholders.”