McCarthy & Stone has appointed its chief operating officer John Tonkiss as chief executive, with a mission to cut costs at the retirement homes group.
Tonkiss had been acting chief executive since 1 September, following Clive Fenton’s retirement from the role at the end of August. He is charged with implementing the group’s new strategy, moving away from growth to a focus on return on capital employed (ROCE). The target is to strip out £40m of annual costs by 2021, improving ROCE to more than 15%, increasing to over 20% by 2023.
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