Professor Hood has served as a Non-Executive of Reg Vardy since July 2002.
Sir Peter Vardy, chief executive of Reg Vardy said: "Neil was a great support to me and the Reg Vardy Board, but he was much more than that. He was a true gentleman with strong moral values, renowned and respected in the academic as well as the business world. He has been an inspiration to so many people. He will be a great loss to business and commerce throughout Scotland and beyond."
John Standen, chairman of Reg Vardy said: "Neil gave the board the benefit of considerable wise counsel and experience. He was always a most engaging and constructive contributor to our debates. We will miss his presence. We are thinking of his family at this difficult time."