Stokes quits Regenersis in Hanover shake-up

THE chief executive of Scotland's second largest electronics employer, Regenersis, yesterday became the latest to leave the company as part of a major boardroom shake-up prompted by an activist shareholder.

Gary Stokes stepped down just a month after Hanover Investors installed its own founder, Matthew Peacock, as chairman in a move which also saw three non-executives resign.

Finance director Jeremy Wilson is now the only remaining director on the board who was in place before Hanover's involvement. Hanover, which has a track record of forcing change at companies it believes are undervalued, has a 14 per cent stake in Regenersis.

The Aim-listed company bought Scottish tycoon Richard Emanuel's Inchinnan-based mobile phone repair business Total Repair Solutions in 2009. It employs 1,100 staff between its Inchinnan site and at Glenrothes, where it repairs laptops, set-top boxes, iPods and satellite navigation systems.