Retirement housebuilder McCarthy & Stone has appointed former Balfour Beatty boss Paul Lester as chairman designate to succeed John White.

Lester will join the group’s board in January 2018 and will succeed the retiring White who has been in post since 2013.

Currently chairman of Essentra and Forterra and formerly a director of Invensys, Lester was previously group managing director of Balfour Beatty before becoming chief executive of support services company VT Group PLC in 2002. He was also chairman of John Laing Infrastructure Fund until September this year.

“We are very pleased that Paul will be joining the McCarthy & Stone board and succeeding me as chairman,” said John White.

“McCarthy & Stone is a great business and I am proud to have served on the board during a transformational period for the company, culminating in its successful IPO in 2015.

“While market uncertainty following recent political events has acted as a stern test for our business model, I am pleased that our high-quality product and excellent team led by Clive Fenton have proved McCarthy & Stone’s resilience.

“The company remains uniquely-placed to capitalise on the substantial growth opportunity in retirement housing, driven by a rapidly ageing population in the UK, and the team can look to the future with confidence. I am pleased to be handing over to someone of Paul’s standing and experience and I am certain that he will make a major contribution to McCarthy & Stone.”

Lester added: “This is a very exciting time for McCarthy & Stone and I look forward to supporting Clive Fenton and his team in developing the company’s strategy and performance still further.”