The chief executive of Black Country regeneration company Regenco has quit six months before it is due to shut down for good.

Karen Walker has stepped down from the company which was formed to lead the regeneration of West Bromwich, Smethwick and Hill Top.

Regenco today declined to answer Freedom of Information Act inquiries about the amount of taxpayers’ money it will spend on Ms Walker’s redundancy and the payouts to seven staff who will lose their jobs on March 31 next year.

Spokeswoman Paula Mitchell said Regenco was a private company and does not fall within the remit of the Act, even though £1mill-ion a year of its funding came from public sources.

Sandwell Council, Advantage West Midlands and the Government’s Housing and Communities Agency, which provided the financial support, pulled out over the summer.

Ms Walker left company headquarters at Intersection House in Birmingham Road, West Bromwich, on September 11.

In a statement, Ms Walker said: “I am very proud of what we have achieved over that past few years.

“We have worked hard to put a comprehensive regeneration programme in place and bring together the public and private sectors to effectively share a common commitment to quality and delivery. A number of major projects are in delivery across the area including All Saints, a Grade A office development providing 2,000 new jobs, the new Sandwell College for over 10,000 students and the redevelopment of a 15.4-hectare site with 53,000 sqare metres of retail and leisure space, including a Tesco Environmental Format store.”

Ms Walker added: “This is a fantastic basis upon which the regeneration agenda for West Bromwich, Smethwick and Hill Top will be secured.” Anne O’Meara, chairman of Regenco, said: “Under the leadership of Karen Walker and her team, Regenco has driven the regeneration agenda forward considerably.”

West Bromwich East MP Tom Watson said: “I understand the need to protect the privacy of staff but I don’t think it is unreasonable for local people to know the costs of running down this organisation.”