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UPDATE 1-UK builder Persimmon's chairman, director quit over pay plan [Reuters]

WPP Plc ADS (WPP)  More Company Research Source: Reuters
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PDF UPDATE 1-UK builder Persimmon's chairman, director quit over pay plan | Reuters Reuters Staff 4 Min Read * Profit on share options of 240 mln stg for top management * Incentive scheme linked to shareholder returns * Politicians, public critical of excessive board pay (Adds details, figures, background) By Costas Pitas and James Davey LONDON, Dec 15 (Reuters) - The chairman of Britain’s second-biggest builder, Persimmon, and the head of its pay committee quit after they failed to curb an incentive plan that could see the firm’s top management make a profit of more than 200 million pounds ($268 million) on share options. Persimmon introduced a long-term incentive plan in 2012, which gave share options to management which they are able to sell once they have returned a set level of cash and dividends to investors. Since 2012, Persimmon’s share price has soared and it has returned 1.5 billion pounds ($2 billion) meaning its Chief Executive Jeff Fairburn and the firm’s finance director and [Read more]

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