8 January 2013
Persimmon plc
Board Succession
Persimmon plc announces today that Mike Farley, Group Chief Executive, has notified the Board that after almost 30 years at Persimmon, seven as Chief Executive, he has decided to retire at the Company's AGM on 18 April 2013. The Board has therefore implemented its long term succession plan, with Jeff Fairburn, currently Group Managing Director and North Division Chief Executive, appointed to succeed Mike as Group Chief Executive, together with a number of other management changes.
Nigel Greenaway, the South Division Chief Executive, will join the Board as an executive Director with immediate effect.
In addition, Marion Sears has been appointed today as non-executive Director. Marion is the senior independent Director of Dunelm Group Plc and also a non-executive director of Octopus AIM VCT Plc.
Neil Davidson, CBE, who has been a non-executive Director since January 2004, will retire from the board at the 2013 AGM.
Nicholas Wrigley, Chairman, said: "Mike Farley has been an outstanding Chief Executive and has made an enormous contribution to the development of Persimmon over many years. The announcement in February 2012 of our new long term strategy and £1.9 billion capital return plan over nine and a half years is a testament to his strong leadership, strategic clarity and long-term planning. He will leave Persimmon with our gratitude and best wishes for his retirement."
"Jeff Fairburn is a talented and experienced executive who knows the Persimmon business extremely well. He has been with the Group for 23 years, serving as North Division Chief Executive for six years, on the Board for over three years and as Group Managing Director for the last year. He played a key role in the development of the new strategy and will now play the central role in its delivery."
"I'm also delighted to welcome Nigel Greenaway and Marion Sears to the Board. Nigel is one of our most senior and experienced executives and has been at Persimmon for 26 years. I'm confident he will make a further significant contribution as a Board Director. Marion has a wealth of experience and expertise which will be of great benefit to Persimmon as we continue to develop our business."
"Neil Davidson has served a successful nine year term as an independent non-executive Director and leaves with our thanks and best wishes for the future."
Mike Farley said: "It has been a great privilege to be Group Chief Executive for the last seven years. The company is in great shape and well positioned to deliver on our new strategy, and I'm confident that it will become an even stronger and bigger business over the coming years."
The Company is also announcing today that Dave Jenkinson, currently a Regional Chairman, is appointed North Division Chief Executive with immediate effect. In addition the Company is restructuring from three operating divisions (North, Central and South) into two divisions (North and South). Persimmon's 24 operating businesses will be split evenly between these divisions. This new simplified structure will create further operational efficiencies and synergies across the Group.
Marion Sears was previously the senior independent non-executive director of Zetar Plc and also previously a non-executive director of Prelude Trust Plc. No further information is required to be disclosed pursuant to Listing Rule 9.6.13 with regards to the appointment of Nigel Greenaway or Marion Sears.
-Ends-
For further information, please contact:
Persimmon plc Citigate Dewe Rogerson
Mike Farley, Group Chief Executive Simon Rigby
Mike Killoran, Group Finance Director Kevin Smith
Tel: +44 (0)1904 642199 Tel: +44 (0)20 7638 9571
Note to editors
Mike Farley
Mike Farley was appointed Group Chief Executive in April 2006. He joined Persimmon in 1983 and was responsible for establishing Persimmon Homes Wessex and for developing the Group's operating business in the Midlands, before becoming Chief Executive of the South Division. Mike is a member of the Chartered Institute of Building and a Fellow of the Royal Institute of Chartered Surveyors.
Jeff Fairburn
Jeff Fairburn joined the Group in 1989. He was promoted to Managing Director of the Group's North East operating business in 2000 and became North East Regional Chairman in 2005, before assuming the role of North Division Chief Executive in 2006. In January 2012 he was appointed Group Managing Director with responsibility for Group operational functions and the Group's strategic landbank.
Nigel Greenaway
Nigel Greenaway joined the Group in 1986. He was appointed Managing Director of the then South Midlands operating business in 2001 and was promoted to Regional Chairman, Birmingham in 2004. He became Regional Chairman of the Western region in 2005 before being appointed to his current role of South Division Chief Executive in that same year.
Marion Sears
Marion Sears is the Senior Independent non-executive Director of Dunelm Group Plc. She joined Dunelm in 2004 as the Group's first non-executive Director. She is also a non-executive Director of investment trust Octopus AIM VCT Plc.
Marion was previously Senior Independent non-executive Director of Zetar Plc and she held executive positions at Glaxo Group Plc, UBS, Baring Brothers and JP Morgan.
About Persimmon
Persimmon plc was established in 1972 and has become one of Britain's leading housebuilders. The Group's Head Office is in York and Persimmon has 25 offices nationwide. The Group operates under three main brands; Persimmon Homes, Charles Church and Westbury Partnerships.
For more information about Persimmon please go to www.corporate.persimmonhomes.com
