Greg Hutchings, who set out to rebuild his career with Lupus Capital after being ousted from Tomkins in 2000, is to leave the building materials group after renegotiating its debts of more than £100m ($164m).

Mr Hutchings, executive chairman of Lupus, stepped down as a director “with immediate effect”, the company said. He has been replaced by Keith Taylor, a turnround specialist, as chief executive, while Michael Jackson, a non-executive director, has become chairman.