New chair: Boardroom veteran Roger Devlin, 60, will join Persimmon at the start of June
Housebuilder Persimmon has hired a new chairman as it seeks to restore its battered reputation following a blazing row over fat cat pay.
Boardroom veteran Roger Devlin, 60, will join the company at the start of June following the departure of Nicholas Wrigley.
Devlin, who is regarded as a City heavyweight and is also an independent director of the Football Association, will head efforts to rebuild Persimmon’s fractured relationship with shareholders.
He will be paid £300,000 a year.
Persimmon faced months of criticism over a bonus scheme that saw chief executive Jeff Fairburn dubbed ‘Mr £131million’ over the size of his potential payout.
Former banker Wrigley, 62, resigned as Persimmon chairman late last year along with remuneration committee chief Jonathan Davie, after they admitted that the bonus pot should have been capped.
Fairburn, 51, has since agreed to give up 30 per cent of his bonus following a backlash from investors – but is still in line to collect shares worth £86million.
He has promised to give a ‘substantial proportion’ to charity.
Devlin, recently made chairman of bookmaker William Hill, said: ‘Persimmon has delivered excellent financial performance as well as materially increasing output in recent years.
‘The housebuilding industry offers good growth prospects, and I look forward to working with Jeff Fairburn, his executive team and the board.’
Nigel Mills, the acting chairman of Persimmon who led the search for Wrigley’s replacement, said: ‘Following a very thorough process, the board has agreed that Roger is the right candidate to chair Persimmon.
‘I am sure that his wide business experience and his personal qualities will enable him to make a significant contribution.’
Devlin will step down as chairman of pub group and brewer Marston’s and will also leave the FA at the end of May before joining Persimmon.
Shares rose 0.4 per cent, or 10p, to 2560p.