Boss of housebuilder Taylor Wimpey pockets £4m selling stock but insists he’s staying put
Taylor Wimpey boss Pete Redfern has made nearly £4m selling 2.15m shares in the firm
The boss of housebuilder Taylor Wimpey has denied he plans to leave the company after selling nearly £4million worth of stock.
Pete Redfern sold 2.15m shares for 174.2p each, regulatory filings have revealed, leaving him with 1.53m, worth £2.6million.
It means he now holds a 0.05 per cent stake in the company, down from 0.11 per cent.
The 49-year-old has been chief executive of Taylor Wimpey for 12 years, having been in charge since the merger of George Wimpey and Taylor Woodrow in 2007.
Since then he has raked in more than £40million in pay.
His move comes amid growing scrutiny of housing boss payouts and follows the sale of nearly £80million worth of shares by Tony Pidgley, the boss of rival Berkeley Homes, earlier this year.
Steve Morgan, the founder of Redrow, sold shares worth £27million in March.
However, the size of Redfern’s sale is also likely to prompt speculation about his future at the company.
But a source close to Taylor Wimpey said the chief executive still held ‘considerably’ more shares than he was required to, and that his decision was related to personal financial planning.
‘He is still very committed to the company,’ the source added.
Redfern, a father of five, also told the Financial Times: ‘I have no plans to leave.’
After the share sale was announced, Taylor Wimpey shares yesterday dipped 0.9 per cent, or 1.6p, to 172.4p.