19 Jun 2018 07:00
18 June 2018
McCARTHY & STONE PLC
Directorate change
The Board of McCarthy & Stone ("the Group") today announces that Chief Executive Clive Fenton will retire and step down from the Board at the end of this financial year on 31 August 2018. The Board has commenced a search to identify Clive's successor.
Clive Fenton, Chief Executive, said: "It has been a great privilege to serve as the Chief Executive of McCarthy & Stone and to have led the Group back to the public market.
"As the undisputed leader in the provision of much-needed retirement housing, we have made great strides in growing the business and increasing supply into the market. Unfortunately, since Brexit, in the absence of any Government support and now with the additional challenges posed to the business by the proposed ban on ground rents, it is clear that the Group must embark on a new strategy to carry it safely through the next five years and beyond.
"Having reached the age of 60, it is right that I now stand aside at the end of our financial year to enable a new Chief Executive to be responsible for this journey. Until then, I will remain focussed on delivering the best possible result for the year end and assisting the Board with the necessary transition arrangements.
"We have a strong balance sheet and very talented and committed people who are proud to deliver the best quality and service standards in the industry. I have absolutely no doubt that the Group will have a successful future."
Paul Lester, Chairman of McCarthy & Stone, said: "Clive joined McCarthy & Stone as our CEO in early 2014, playing an integral role in bringing the Group back to the public market and putting in place the solid foundations for the future. I want to thank him on behalf of the Board for his leadership and tremendous contribution to our business during this time.
"As previously announced, the Board began a review of its strategy in April. The review is focused on improving margins and ROCE together with delivering a more balanced workflow and will naturally lead to a more measured growth trajectory and a right-sizing of the cost base of the business. At the same time, we will continue to trial a number of strategic initiatives designed to increase customer appeal and offer a broader choice of tenure options, including rental and part ownership.
"We will provide a further update on the actions resulting from our strategic review at the time of our trading update in September."
-Ends-
For more information, please contact:
McCarthy & Stone, 01202 292480
Paul Lester, Chairman
Rowan Baker, Chief Financial Officer
Paul Teverson, Director of Communications
Powerscourt, 020 7250 1446 / mccarthy-stone@powerscourt-group.com
Justin Griffiths
Nick Dibden