Persimmon plc board chairman and chairman of the remuneration committee both tendered their resignations from the company in relation to a long-term incentive plan established in 2012.
Chairman Nicholas Wrigley will stay on while the company searches for a successor, while Senior Independent Director and Chairman of the Remuneration Committee Jonathan Davie resigned Dec. 14.
Wrigley and Davie believe that the 2012 incentive plan could have included a cap, and according to a company release, resigned over the omission. The company maintains that the establishment of the program has been a key factor in the company's strong performance since 2012.
Persimmon appointed Nigel Mills senior independent director and Marion Sears chairman of the remuneration committee, effective Dec. 14. Mills will spearhead the search for a new chairman.