Pete Redfern, CEO of Taylor
Wimpey plc, has declined the opportunity to buy a luxury flat on one of his
company’s own developments at a large discount.
The Evening Standard says
that Redfern was eligible to buy the £2.48m flat at the Palace View development
near Lambeth Palace,
London, for £2.04m thanks to the company’s
employee discount scheme and softening London
property prices. However, the company has indicated that he acknowledges the
criticism this could attract and so will not be proceeding with the purchase.
A company spokesman told
the newspaper: “We recognise the concerns that have been expressed in some
quarters and the sensitivity of this matter and as a result, Mr Redfern has
today taken the personal decision to withdraw from the planned purchase.”
It’s likely that the furore
over ex-Persimmon CEO Jeff Fairburn’s bonus has encouraged Redfern to take this
step to eliminate any bad publicity that it could have generated. However, this
is by no means a sudden conversion – Redfern has previously indicated that he
is uncomfortable with some of the practices in the industry and particularly
the way they impact on customer perceptions and the house buying experience.