Business

Stanelco, the developer of sustainable packaging technologies, has lost another senior executive.

Martin Wagner, who had been chief executive since November 2005, stepped down with immediate effect for personal reasons.

He is being replaced by Paul Mines, who was chief executive of Betts Group Holdings until 2006, having led a management buyout of the firm from Courtaulds.

Stanelco said the change followed “consultation with a significant group of shareholders”.

Stanelco has had a troubled period, culminating in the announcement of a £14.8m net loss last month.

Group managing director Howard White and executive vice-president Ian Balchin left the company last November.

Their departures followed that of chief operating officer Terry Robins in July 2006.

Stanelco’s share price increased this morning following the latest announcement.