MCS.L Regulatory News (MCS)

McCarthy & Stone plc (the 'Company'), the UK's leading developer and manager of retirement communities, today announces that Nigel Turner, Chief Operating Officer - Build, will leave the Company with immediate effect.

In light of the impact of Covid-19, the Company has reviewed its resources in line with anticipated workflow and demand and is adopting a more streamlined approach. Several of the initiatives that Nigel was brought in to deliver have also now been successfully completed. The Company has therefore decided to revert to a more traditional structure of one Chief Operating Officer, Mike Lloyd, who will continue to focus on the core areas of Sales, Customers and Services.

The Company's four Divisional Managing Directors, who are responsible for all build operations, will now report directly to John Tonkiss.

John Tonkiss, Chief Executive Officer, said:

"I would like to thank Nigel for his hard work and enthusiasm since joining us and he has helped us make significant progress with delivering our new strategy. This includes leading our build cost reduction activity, which is central to our margin improvement plans, and driving material change in our effective management of health and safety. We wish him the very best for the future."