Although Dave Jenkinson is due to leave Persimmon at the end of the year, last week he sold £3.4 million worth of shares accounting for 129,307 although he still holds a further 603,983 shares in the company, reported to be worth around £15.7 million.
He also sold 50,000 shares back in July for a further £1.3 million and before that in June, 89,581 shares were offloaded for the sum of £2.2 million meaning that his has cashed around £7 million.
Jenkinson has been in charge of the company since 2018 after the scandal of the former boss’s £75 million bonus, and he took up the post on the same pay-grade and with no further bonus for 2019, although this was re-instated this year.
Persimmon recently revealed that pre-tax profits in the first half of the year had fallen by almost 43% and revenue had fallen by almost a third, which could be a reason that Jenkinson has decided to cash in on his shares, which were awarded to him under the company’s controversial bonus scheme. The company did still generate £292.4 million of pre-tax profits in the first six months of the year to the end of June although this is down from £509.3 million for the same period last year.
Jenkinson’s replacement is the former National Express Chief Executive Dean Finch who currently has shares worth £15 million.