Housebuilder boss leaves after bust-up over pay

The chief executive of MJ Gleeson has left after seven years following a board punch-up about his salary and bonuses.

Shares in the housebuilder and regeneration specialist sank more than 10% within 30 minutes of trading this morning after the firm said Jolyon Harrison had left with immediate effect.

In an update to investors MJ Gleeson said: “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.”

Harrison earned £2.9m from the firm last year, not including a £13,000 car allowance, £3,500 for car fuel and a further £1,500 for medical insurance.

To date Harrison has been handed more than £12m since becoming chief executive in 2012, with his salary for 2017 sitting at £2.8m.

MJ Gleeson has named James Thomson, who until January was chief executive of Keepmoat Homes, as its interim boss while it searches internally and externally for a permanent replacement.