Persimmon CEO to step down

Persimmon CEO to step down

After taking on the role permanently in February 2019, Persimmon announced on 27 February 2020 that Dave Jenkins intends to step down as CEO ‘in due course’. He plans to remain in his position for as long as necessary until a suitable successor has been found.

Regarding his departure, Chair Roger Devlin says:

‘Dave has played a critical role in the development of a new Persimmon. As Chief Executive he quickly set about designing and implementing a programme of change and started the process of resetting the culture of the business. Under his leadership Persimmon has invested in a range of customer care and quality initiatives, prioritised customers over volume, became the first UK housebuilder to implement a retention policy and will achieve an HBF 4-star rating’.

Prior to Jenkins’ appointment as CEO, Persimmon had been riddled with numerous complaints from customers, stakeholders and employees. This had led to Persimmon announcing the commissioning of an independent review on 5 April 2019, shortly after Jenkins’ appointment. The review had highlighted the need to revamp the company’s corporate culture with stronger group policies, ensuring ‘the Board’s vision for the Company should be set out in a clear and easily comprehensible statement with which employees can readily identify’. Alongside this, the review concluded the need to rethink the executive directors’ remuneration policy, which had previously come under scrutiny, and further, to appoint non-executive directors with experience in construction.

The news of Jenkins departures follows the company’s final results, announced 27 February, which saw profits down to £1,041 million from £1,091 million in 2019, after a 4% decrease in new homes sold. These results saw the FTSE 100 company’s shares fall 4.65%. 

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