Chapelthorpe chief executive latest director to quit the company

Mr Powell leaves the Bradford-based maker of fibres used in cars, tea bags, carpets, mattresses and concrete at the end of December. Chapelthorpe, which is controlled by activist investor Peter Gyllenhammar, is in the process of being de-listed from the London Stock Exchange.

Mr Powell is the latest in a string of directors to leave the company since My Gyllenhammar seized control of it in a cut-price deal in July.

"The company wishes to thank Ian for his valuable contribution to the company during his period as a director and wishes him well for the future," it said in a statement.

Chairman Leslie Goodman left the company in September, days after finance director Andy Weatherstone resigned to join Doncaster surface mining business ATH Resources.

Mr Gyllenhammar was appointed non-executive director and chairman in Mr Goodman's place.

The Swedish investor's buyout firm Bronsstadet AB (BAB) paid 1.3m for institutional investor Hanover Investments' 24.8 per cent stake in July, giving him 54.6 per cent and effective control.

Mr Goodman, Mr Powell and Mr Weatherstone then wrote to investors and reluctantly urged them to accept Mr Gyllenhammar's 25p a share, 5.1m offer for the entire company, despite saying it undervalues Chapelthorpe.

Mr Gyllenhammar told investors "the costs of being a public company... outweigh the benefits". He now has 82.19 per cent.