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Agencies & People

Purplebricks bosses given generous ‘golden handcuffs’

Online estate agency aims to secure services for three years via generous loyalty and performance options.

Robyn Hall

helena marston
Helena Marston (main picture), Purplebricks’ chief executive and Stephen Long, the online agency’s chief financial officer, have both signed up to the firm’s long-term incentive plan.

Under the Purplebricks Performance Share Plan Marston was awarded 800,000 shares and Long 650,000 shares at an exercise price of £0.01.

The shares – standard in most City PLC contracts – will become exercisable if the business meets certain criteria.”

They are subject to continued employment and performance based on two performance measures relating to the Purplebricks relative and absolute total shareholder return over a three-year performance period.

Purplebricks Remuneration Committee will also have to be satisfied as to overall company performance and other success markers including customer satisfaction before confirming any vesting under the formulaic performance conditions.

Earlier this month Marston voted with her wallet on the company’s future after spending £100,000 buying shares in the firm, representing 0.21% of issued share capital.

Rebel investors in Purplebricks have repeatedly called for its chairman Paul Pindar to step down after the company reported a big fall in profits.

Its full-year results to 30th April 2022 revealed a drop in profit of 27% to £42 million, and 23% in revenues to £70 million.

August 17, 2022

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