He will step down at the company’s annual general meeting on 18 April. He will be succeeded by Jeff Fairburn, currently group managing director and chief executive of the company’s north division.
South division chief executive Nigel Greenaway is also now joining the board as an executive director.
Dave Jenkinson, currently a regional chairman, takes over as north division chief executive with immediate effect. In addition, the company is restructuring from three operating divisions (north, central and south) into two divisions (north and south). Persimmon's 24 operating businesses will be split evenly between these divisions.
Chairman Nicholas Wrigley said: "Mike Farley has been an outstanding chief executive and has made an enormous contribution to the development of Persimmon over many years. The announcement in February 2012 of our new long term strategy and £1.9bn capital return plan over nine and a half years is a testament to his strong leadership, strategic clarity and long-term planning. He will leave Persimmon with our gratitude and best wishes for his retirement."
He added: “Jeff Fairburn is a talented and experienced executive who knows the Persimmon business extremely well. He has been with the group for 23 years, serving as north division chief executive for six years, on the board for over three years and as group managing director for the last year. He played a key role in the development of the new strategy and will now play the central role in its delivery."
Mr Farley said he was leaving the company “in great shape and well positioned to deliver on our new strategy”.
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