Persimmon names Dean Finch as new CEO
National Express chief executive Dean Finch has been appointed as the successor of David Jenkinson as group chief executive at Persimmon.
Current CEO Mr Jenkinson gave early notice of his intention to step down in February, following just 15 months in the role.
Mr Dean is expected to join the Persimmon board and take up the CEO post at the end of the year. He has been the CEO of National Express plc since 2010, prior to which he was group chief executive of Tube Lines and group finance director and group chief operating officer at First Group plc, where he also held a number of other senior roles.
As group chief executive, Mr Finch will receive an annual base salary of £725,000 and a pension allowance of 9% of salary in line with the contribution available for Persimmon’s salaried employees. From 1 January 2021 he will be able to participate in the company’s existing annual bonus plan up to a maximum of 200% 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).
Roger Devlin, Persimmon’s chairman, said: “Dean is a seasoned, well-respected and proven Chief Executive with an exceptional record. In his current role he has delivered substantial strategic and operational progress over a sustained period, delivering value for all stakeholders in the business while developing a distinct and cohesive culture, focused on customer care and service.
“The board believes that Dean is a great fit for Persimmon and is well qualified to lead the business into the next phase as we continue to drive a programme of change to become the leading volume builder of good value, quality family homes throughout the UK. I look forward to welcoming him to the company at the end of the year.”
He added: “I would also like to thank Dave Jenkinson for his outstanding contribution to Persimmon over many years, and particularly for his decisive leadership during the COVID-19 outbreak. Dave has committed to lead the business until the conclusion of the current financial year in December.”
Dean Finch said: “Persimmon is a strong business operating in a sector that has a critical role to play for both the people and the economy of the UK as we emerge from the profound disruption of COVID-19. I look forward to leading the business in its drive to become Britain’s best housebuilder and delivering for all stakeholders in the business whilst continuing to deliver strong financial returns to investors.”