Outcry over bonus pushes out CEO of UK housebuilding firm

The head of British housebuilding company Persimmon is stepping down at the end of the year following an uproar over revelations he received a bonus of 75 million pounds ($99 million).

The company says Jeff Fairburn will formally leave on Dec. 31 but be replaced by group managing director David Jenkinson in the interim. The group deemed the outcry over his bonus to be a "distraction" and that it was time for a change of leadership.

Fairburn's pay packet sparked outrage this year and he walked away in the middle of a BBC interview when asked about his pay and incentive package. He told the BBC "I'd rather not talk about that."

His pay award should have been 100 million pounds, but it was reduced after the outcry.