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Tue December 10 2019

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Gleeson agrees terms with ex-CEO

2 Dec House-builder MJ Gleeson has agreed a £5m severance package with its former chief executive following his sacking in June.

Jolyon Harrison
Jolyon Harrison

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.”

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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.

James Thomson
James Thomson

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."  

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