After 15 months in the job, Dave Jenkinson has announced he will step down from his position of CEO of Persimmon. He took over from Jeff Fairburn after the bonus scandal which attracted a backlash of criticism from all quarters. Jenkinson intends to stay on while the firm searches for his successor.
The reason for his departure is far from clear. Jenkinson is only 51 so retirement is not the obvious answer. Although given he received over £40m in bonuses as part of the infamous LTIPs scheme in the past few years retirement would appear to be financially viable!
Jenkinson’s primary objective as CEO was to realign Persimmon’s culture as the firm’s reputation had become increasingly battered by build quality issues and a high number of customer complaints.
In his statement, Jenkinson said: ‘I’m very pleased with the progress that we’ve made over the last year in reshaping Persimmon’s approach and culture while at the same time maintaining our operational momentum.’
However, an independent review from December, written by Stephanie Barwise, a QC at law firm Atkin Chambers, said there was a failure to meet minimum building standards which was a ‘manifestation of poor culture’. She urged Persimmon to reconsider its ‘purpose and ambition.’
Given the conflict of the two statements, it’s difficult to determine how well the culture reboot is going and if that was a contributory factor in Jenkinson’s decision to leave.