Boss rakes in £110m bonus
Persimmon payouts to top brass
The man who heads up the building firm behind one of the most controversial developments in Cambuslang for a generation has received a bonus of £110 million.
Jeff Fairburn, chief executive of Persimmon Homes - which is building houses off Gilbertfield Road - received £50m worth of shares on New Year’s Eve and will qualify for another £60m of profits this year.
The scheme – believed to be Britain’s most generous-ever bonus payout – will hand more than £500m to 140 senior staff. More than 80 are expected to receive payouts in excess of £1m. The finance director, Mike Killoran, is to receive £86m and the managing director, Dave Jenkinson, is in line for £48m.
In contrast the 386-house development in Cambuslang will see the firm pay out just £2.4million in community gain money, designed to fund school expansion and infrastructure.
The controversial project got the go ahead last year despite massive community opposition.
More than half the homes sold by Persimmon last year went to help to buy recipients where government cash helped finance the sales..
Persimmon’s second development in Cambuslang, Greenlees, is part of the help to buy scheme.
Nicolas Wrigley, chairman of Persimmon, has resigned and taken responsibility for not putting a cap on the bonus scheme.