McCarthy & Stone announced earlier this month that Clive Fenton would be retiring as chief executive at the end of August, sparking a rapid scramble for headhunters.
Mr Fenton’s swift departure was accompanied by a profits warning and a strategy review.
The board today confirmed that it was conducting a formal search process to appoint a replacement CEO, with both internal and external candidates being considered.
In the meantime, chairman Paul Lester will take a more hands-on role, helping the executive team to develop the new strategy for the Group. John Tonkiss, chief operating officer since May 2017, will assume the role of interim CEO until the search process has been concluded and a replacement CEO is in post.
John Tonkiss joined McCarthy & Stone in February 2014 and became a board director in October 2015. Previously, he was chief executive of biometrics supplier Human Recognition Systems. Before that, he worked for 10 years for student accommodation company Unite Group, becoming chief operating officer in 2008.