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Business News

Farley to step down as Persimmon chief executive in April

Persimmon's chief executive Mike Farley has called time on a seven-year stint at the helm after successfully steering the housebuilder through the credit crunch.

Mr Farley, who turns 60 in June, is handing over the reins to the managing director Jeff Fairburn in April.

Persimmon – named after the racehorse which won the Epsom Derby in 1896 – was the only builder not forced to raise cash during the 2007/8 crisis. The share price is about half the 2007 peak, but Persimmon is still the UK's most valuable builder with market value of £2.5bn. During his time in charge, Mr Farley turned the group's £1.2bn debt into a £200m cash pile.