Howard Phillips, chief executive of McCarthy &amp; Stone, is to leave the firm on August 31 – the end of the company's financial year.<br> <br> Phillips has been on the board of the retirement specialist for 12 years and ceo for seven years.<br> <br> McCarthy &amp; Stone chairman Alan Bowkett said: "Howard has made a great contribution to the company, including steering it through its restructuring in 2009 and laying the foundations for its next phase of expansion. I wish him well as he goes on to pursue new challenges elsewhere."<br> <br> The firm will seek to hire a replacement over the summer and will make an announcement on a successor "in due course".