Persimmon hires CFO as revenue rises to £3.6bn

York-based house building giant Persimmon plc said on Thursday its 2021 revenue rose 8.4% to £3.61 billion and new home legal completions rose 7% to 14,551.

Persimmon said the group’s average selling price increased 2.8% to £237,050 “reflecting in part the greater proportion of new homes sold to our housing association partners compared with last year.”

Forward sales at December 31, 2021, were £1.62 billion, 20% ahead of 2019.

Persimmon also announced the appointment of Aviva CFO Jason Windsor as its new chief financial officer to succeed Mike Killoran.

Killoran will leave Persimmon as planned on January 14, 2022, and with Windsor not expected to join the firm until the summer, CEO Dean Finch will assume interim responsibility for the company’s finance function.

Persimmon said Windsor will receive an annual base salary of £675,000, the same as his salary at Aviva, and a pension allowance of 9% of salary.

“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),” said Persimmon.

“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.”

Persimmon CEO Dean Finch said: “We have continued to secure high quality land opportunities, bringing over 20,500 new plots into the business in 2021 representing in excess of 140% of current consumption levels.

“This strong pipeline provides excellent momentum for the group’s future growth.”