Housebuilder Persimmon’s CEO Jeff Fairburn has been forced out after a row over his £75m pay award.

Persimmon said he left by “mutual agreement and at the request of the company”.

It said the issue was having a “negative impact” on the firm’s reputation and on “Jeff’s ability to continue in his role”.

The issue underlines the fact that damage to reputation is increasingly seen as having lasting impact on corporate performance, especially in the digital age.