Monday, January 24, 2022

Date’s Last Fat Cat Resigns: Chief Financial Officer Killoran Resigns

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Mike Killoran, the chief financial officer who bought £ 60 million worth of trousers, has resigned after 26 years.


The last of three fat palm cats is leaving the house builder to cash in on a £ 185 million bonus scheme.

Mike Killoran, one of former CEO Jeff Fairburn’s top lieutenants, has been with the company for 26 years.

But the 60-year-old specialist, who has served as chief financial officer since 1999, is leaving today.

Mike Killoran, one of former CEO Jeff Fairburn’s top lieutenants, has been with the company for 26 years.

Killoran is one of three major home builders in Persimmon who has donated tens of millions of pounds worth of shares in a controversial bonus scheme that will cost Fairburn a job.

Killoran was given £ 35m in 2017 and £ 25m in 2018, while Fairburn received a total of £ 82m and Dave Jenkinson £ 43m.

Fairburn was forced to leave in 2018 amid public outcry over payments. He was replaced by Jenkinson, but he left last year and was replaced by Dean Finch.

Killoran’s departure came as Persimmon reported bumper performance after cheap mortgage deals and a state duty holiday pounded the property market during the pandemic.

In 2021, revenue rose 8 per cent to £ 3.6 billion as it completed sales of 14,551 new homes, the company said in a sales update.

That was 1,000 more than in 2020 – even though it was below the 2019 level.

This is also exacerbated by the increase in property value as the average selling price of his homes has risen from £ 230,500 in 2020 to £ 237,000 last year.

However, the company claims that many employees have been laid off since Omicron failed, and that has halted some efforts.

It said: “The government’s updated guidelines have led to an increase in illness-related layoffs, with some clients also opting to delay moving to their new homes due to isolation.”

Despite the end of government support schemes, requests for home purchases have remained “encouraging”.

At the end of last year, the company’s order book was £ 1.62 billion – down from £ 1.69 billion in the previous year, but higher than the 2019 figure.

Killoran led Persimmon through a pandemic, including blockades that initially shook the construction industry.

He joined the company in 1996.

But the owners are hoping his departure will finally draw a line under the top tier under the bonus scheme set in 2012.

The trade update came after the government announced on Monday that all tenants in multi-storey blocks would not have to pay for the restoration of hazardous coatings.

This includes objects with a height of 11 meters to 18 meters.

Persimmon said he built “a very small portion” of the buildings affected by the cladding problems.

Date shares fell 0.5 percent, or 13p, to 2,608p.

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