February 14, 2018 / 10:06 AM / 2 years ago

Persimmon CEO to set up charitable trust after bonus plan criticism

LONDON, Feb 14 (Reuters) - The boss of British housebuilder Persimmon said on Wednesday he would set up a charitable trust after facing criticism over an incentive plan that could see him receive share options worth over 100 million pounds ($138.67 million).

The firm’s chairman and the head of its pay committee quit last year after they failed to curb the scheme which was criticised by some British media.

“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,” Chief Executive Jeff Fairburn said on Wednesday.

“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.”

$1 = 0.7211 pounds Reporting by Costas Pitas; Editing by Alistair Smout

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