United Kingdom

Last of three Persimmon fats cats is quitting company

The last of the three Persimmon executives to cash in from a £185m bonus scheme is leaving the housebuilder. 

Finance chief Mike Killoran, 60, who shared the pot with the already departed Jeff Fairburn and Dave Jenkinson, will step down in January 2022. 

He has been at the company since 1996 and has served as finance director since 1999. 

Fresh start: Persimmon will hope Mike Killoran's departure will finally draw a line under the row

Under a bonus scheme agreed in 2012, he was handed £35.2m of shares in 2017 and £25.2m in 2018. 

Fairburn bagged more than £80m but later resigned following a public outcry over the lucrative payouts. He was succeeded by Jenkinson, who received £43m under the scheme but left the company last year. 

Persimmon will hope Killoran's departure will finally draw a line under the row. Chairman Roger Devlin said Killoran 'played a pivotal role in the development of Persimmon over more than a quarter of a century'. 

After a year away from of the public eye, Yorkshireman Fairburn became boss of smaller builder Berkeley Deveer and then teamed up with US hedge fund Elliott to lead a takeover of bigger rival Avant Homes. Jenkinson, 54, has used £800,000 to buy a pub in Morpeth, his home town in Northumberland. 

He also pledged to help his local football club, and a nearby college in Ashington with taking on more students from deprived families and building a new sports pitch.

It is not yet clear what Killoran's plans are. Born in Leeds, he studied at Sheffield University and is a chartered accountant. He worked in manufacturing, distribution and retail before joining Persimmon.

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