Gleeson agrees terms with ex-CEO

Gleeson

December 02, 2019 – House-builder MJ Gleeson has agreed a £5m severance package with its former chief executive following his sacking in June.

The board of MJ Gleeson has agreed to vest Jolyon Harrison a total of 633,730 ordinary shares of 2 pence each, in line with the company’s incentive plan.

“The settlement agreement with the company is full and final,” the board said. Gleeson’s share price is currently around £8.

72-year-old Jolyon Harrison stepped down as Gleeson’s CEO on 10th June 2019 after a disagreement over pay and the timing of his surely impending retirement.

The board said at the time: “Following extensive discussions with Mr Harrison regarding his remuneration and succession planning, the board concluded that it was not possible to find a mutually acceptable basis for Mr Harrison to continue as chief executive officer.”

On Mr Harrison’s departure, former Keepmoat Homes chief executive James Thomson was brought in on an interim basis. He has now been given the job permanently. His appointment follows a search process by external head-hunters, which included internal and external candidates.

Chairman Dermot Gleeson said: “The board is delighted to confirm James as CEO.  During an extensive process he stood out as the clear choice to lead the business.  James has already made a significant impact at Gleeson and we look forward to further progress under his leadership.”

James Thomson himself said: “I am delighted to have been confirmed as CEO.  I have long admired Gleeson and its focus on building much needed high-quality homes for first-time buyers on low incomes.  My experience, since joining the business in June, has re-affirmed my belief that Gleeson has an exciting future ahead and I look forward to working with my very talented and dedicated colleagues to deliver it.”

Source:-https://www.theconstructionindex.co.uk/news/view/gleeson-agrees-terms-with-ex-ceo

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