Mr Lester will succeed John White, who will retire following the Company's Annual General Meeting on 25 January 2018.
Previously, Mr Lester was Group Managing Director of Balfour Beatty before becoming Chief Executive of support services company VT Group in 2002.
In addition to being Chairman of John Laing Infrastructure Fund until September this year, Mr Lester is currently Chairman of Essentra and Forterra, as well as being a former Director of Invensys.
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Commenting on the appointment, current McCarthy & Stone Chairman John White said: "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."
Mr Lester added: "I am delighted to be joining the Board of the UK's leading retirement homebuilder. 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."
(LM)
