The enforced resignation of Greg Hutchings from UK-listed conglomerate Tomkins is being seen in the City of London as a major victory for corporate governance.

Hutchings has left as chief executive following the installation of a Tomkins slate of independent directors, led by ex-GEC finance director David Newlands, at the instigation of corporate governance specialist Hermes Lens, one of Tomkins' largest shareholders. Hermes was disturbed by the company's recent performance.