(Alliance News) - Persimmon PLC said it has hired Dean Finch as chief executive, succeeding David Jenkinson.
In February, the FTSE 100 housebuilder had announced that Jenkinson planned to step down but would stay "for as long as the business requires". Jenkinson has been part of Persimmon for 22 years, and was appointed permanently as CEO in 2019, after being appointed to the role on an interim basis in November 2018.
Newly-hired Finch is currently chief executive of FTSE 250-listed public transport operator National Express Group PLC, a role he has held since 2018. Prior to that, he was chief executive of Tube Lines Ltd. He was previously finance director at National Express peer FirstGroup PLC, a company where he also held the role of chief operating officer .
Finch is expected to join Persimmon at the end of the year. However, no specific start date was given.
"Dean is a seasoned, well-respected and proven chief executive with an exceptional record.The board believes that Dean is a great fit for Persimmon and is well qualified to lead the business into the next phase as we continue to drive a programme of change to become the leading volume builder of good value, quality family homes throughout the UK, said Persimmon Chair Roger Devlin.
"I would also like to thank Dave Jenkinson for his outstanding contribution to Persimmon over many years, and particularly for his decisive leadership during the Covid-19 outbreak. Dave has committed to lead the business until the conclusion of the current financial year in December," Devlin added.
National Express said it has commenced its search for a new CEO.
"We would like to thank Dean for his enormous contribution to National Express. During his time as chief executive, he has transformed the business into a leading international transport group, with significant growth potential in all our main markets and a strong and effective management team at all levels. Dean has the best wishes of all of us at National Express for his next challenge. In the meantime, the Board are pleased that Dean will remain with the business until later in the year or a successor is appointed, to aid a smooth handover," said National Express Chair John Armitt.
Persimmon shares were trading 1.5% lower at 2,327.00 pence each on Wednesday morning in London, and 15% lower than at the start of the year. Shares in National Express were trading 2.6% lower at 229.00p each, down more than 50% in 2020.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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