York-based house building giant Persimmon plc said on Thursday that its chief financial officer (CFO) Jason Windsor will be leaving the company to become CFO at Edinburgh investment giant Abrdn plc.
“Jason will remain in his role until 1 September 2023,” said Persimmon.
“Dean Finch, group chief executive, will then assume interim responsibility for the finance function, supported by Mike Smith, group financial controller.
“The board is initiating a process to appoint a new chief financial officer and will provide an update in due course.”
Persimmon chairman Roger Devlin said: “On behalf of the board, I would like to thank Jason for the contribution he has made supporting Persimmon’s drive to build a strong and sustainable business, providing good quality homes for families across the country.
“We wish Jason the very best for the future and we look forward to appointing a new CFO in the coming months.”
Windsor said: “I have very much enjoyed my time at Persimmon. The company’s mission to build homes customers can rely on at a price they can afford is ever-more important and I wish Dean and the rest of the team continued success in the future.
At Abrdn, Windsor will earn a base salary of £675,000 per annum.
On Windsor’s remuneration arrangements, Abrdn added: “All remuneration arrangements for Jason are consistent with the terms of the directors’ remuneration policy approved by shareholders at the company’s AGM in May 2023 …
“A pension allowance of 18% of salary (is) aligned to the maximum contribution available to Abrdn’s UK-based employees and other benefits in line with the directors’ remuneration policy …
“An annual bonus up to a maximum of 150% of salary (is) subject to performance (with 50% of any bonus earned being deferred into Abrdn shares for three years which will vest in three equal annual tranches) …
“An annual long term incentive award of 225% of salary (final vesting % based on stretching financial and shareholder return targets over the three-year performance period and the award is subject to a further two-year holding period) …
“Jason will be required to build a shareholding in Abrdn to the value of 225% of his base salary. At the date of this announcement, he holds no ordinary shares of Abrdn.
“Jason will receive awards to compensate for remuneration he is forfeiting on leaving his current 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 Abrdn’s directors’ remuneration report for the year ending 31 December 2023.”