Finance

Tonkiss given cost cutting role as new CEO of McCarthy & Stone

By 2018-09-25T08:06:00

McCarthy & Stone retirement home

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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