Housebuilder bricks it on TV

  oresome 14:17 19 Oct 2018
Locked

The boss of Persimmon, the housebuilder was on the TV news to publicise the company's venture into brick manufacturing.

Having recently been awarded a £100 million bonus that to say the least raised a few eyebrows, what reporter in their right mind wouldn't raise the bonus issue? However the questions seemed to take him off guard and suitable answers to deflect the issue hadn't been rehearsed.

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  LastChip 16:49 20 Oct 2018

Of course he bottled it. It's indefensible.

£75m bonus (think about it) is in excess of £1m per week, that's without his salary.

As alanrwood said, it's capitalism gone mad.

Probably, most of his workers will struggle to earn what he earns in a week, in a lifetime. It's way out of order.

But he's only one of many. The whole concept of bonuses needs a severe overhaul. The problem is, board directors make sure the bonuses are easily achievable.

One thing the chancellor could do Monday week, is tax bonuses over £52k at say 95%, then we might get back to sensible salaries with small or no bonuses. And yes, if that means these greedy people leave and work abroad, no one will miss them.

  bumpkin 21:44 20 Oct 2018

How much is the Income Tax on that bonus?

Very little if he has good accountants as all of his kind do.

  bumpkin 22:01 20 Oct 2018

As an aside, what would you do with 100million quid that would enhance your life. I used to do the Euro Millions lottery but now just the UK one. A couple of mil would be handy or even 5 or 10 I could think of things to do with.

  oresome 08:42 21 Oct 2018

The company completed 16,000 properties in 2017.

The original bonus figure added over £6000 to the price of each. Most of the purchasers will now take the next 25 years paying it back with interest.

  Quickbeam 17:56 21 Oct 2018

That's an interesting fact.

  oresome 08:42 07 Nov 2018

The boss of Persimmon Jeff Fairburn is to leave after a row over his £75m pay award.

Persimmon said he left by "mutual agreement and at the request of the company". The issue was having a "negative impact" on the firm's reputation and "consequently on Jeff's ability to continue in his role", it said.

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  LastChip 10:16 07 Nov 2018

Good. I hope this now triggers a few more votes against obscene remuneration at some other big companies.

  oresome 13:14 07 Nov 2018

To balance the view, the guy earned a performance bonus which was set by a remuneration committee. His 'error' was to be too successful and earn beyond what they envisaged.

It will be interesting to see if he claims constructive dismissal and future loss of earnings on top of everything else he'll walk away with.

  Quickbeam 15:18 07 Nov 2018

I imagine there will be a generous/outrageous golden payoff that will stipulate no further action!

  LastChip 15:34 07 Nov 2018

You're quite right oresome, but this behaviour is endemic in lots of big business and it has to stop.

I've no objection for reward for success, but as always, there are degrees of achieving such things.

One should remember, according to the annual report for 2017, Mr Fairburn earned a basic salary of £675,270 (£12,985.96 per week), so he's not exactly on the bread line.

The primary people for this gigantic balls up have already walked.

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