Persimmon Plc (LON:PSN) has announced the appointment of Jason Windsor as Chief Financial Officer. Jason is expected to join in the summer and will become an Executive Director on the Board at that time. He will succeed Mike Killoran, who announced in July 2021 that he would be retiring in mid-January 2022 after more than 25 years with the Group.
Jason is an experienced finance executive who has established a strong track record in a variety of senior financial roles over the last 26 years. He has been Group Chief Financial Officer of Aviva PLC since 2019, having previously been Chief Financial Officer of both its UK Insurance and UK Life businesses, after originally joining the business in 2010. Prior to that he spent 15 years at Morgan Stanley, latterly as a Managing Director within its Investment Banking Division.
Jason Windsor said: “I’m delighted to be joining the Group and excited by the opportunities ahead. Persimmon has a leading position in a critical sector of the UK economy and I’m looking forward to working with the team as they continue their journey to becoming Britain’s best housebuilder, whilst maintaining industry-leading financial returns.”
Mike Killoran will leave the Group as planned on 14 January 2022. With Jason expected to join in the summer, Dean Finch, Group Chief Executive, will assume interim responsibility for the finance function. Dean will be supported by Mike Smith, Group Financial Controller – Reporting, and Jim Wilkinson, Group Financial Controller – Operations.
All remuneration arrangements for Jason are consistent with the terms of the Directors’ Remuneration Policy approved by shareholders at the AGM in April 2020. As Chief Financial Officer, Jason will receive an annual base salary of £675,000, which is the same as his salary at Aviva, and a pension allowance of 9% of salary in line with the contribution available for Persimmon’s salaried employees. For 2022 Jason will also be able to participate in the Company’s existing annual bonus plan up to a maximum of 175% of salary (with 50% of any bonus earned being deferred into Persimmon shares for three years), and the Performance Share Plan up to 200% of salary (based on performance over three years and subject to a further two year holding period). Jason’s remuneration is at a similar level to his existing package at Aviva. As set out in the remuneration policy for the Executive Directors, a proportion of Jason’s remuneration will be based on non-financial metrics including customer care and quality.
Jason will also receive awards to compensate for remuneration he is forfeiting on leaving his previous 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 2021.
Mike Killoran will receive his salary and benefits up until the date of his retirement on 14 January 2022. The Remuneration Committee has determined that Mike will be treated as a Good Leaver and he will therefore receive any bonus earned for the year ended 31 December 2021 and outstanding Performance Share Plan awards on a time pro-rated basis and subject to the performance conditions, in recognition of his significant contribution to the success of the Group over many years. Vesting will occur on the normal dates. Details of the remuneration arrangements relating to Mike Killoran can be found on the Group website at: www.persimmonhomes.com/corporate/investors/corporate-governance/board-of-directors.
Jason Windsor is also a director of General Accident PLC, a subsidiary of Aviva PLC. There are no further disclosures required in respect of Listing Rule 9.6.13.
Roger Devlin, Persimmon’s Chairman, said: “Jason is a well-respected and proven FTSE 100 CFO and we are delighted to have recruited someone of his calibre and experience as Chief Financial Officer to complement our strong management team. In his current role Jason has demonstrated an ability to deliver sustained financial and strategic progress while working in a large consumer-facing business. These skills will be highly relevant and transferable to Persimmon as we continue our drive to become the leading builder of good value, quality family homes in the UK. We look forward to welcoming him to the Group in the summer.
“I would also like to thank Mike Killoran once again for his significant contribution to the success of Persimmon over many years. Everyone at Persimmon wishes Mike well in his retirement.”