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Former Queen upset business, sacking leader in interim period (7)

Ross

I believe the answer is:

regency

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'period' is the definition.
(Regency is an example)

I cannot understand how the rest of the clue works.

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(Other definitions for regency that I've seen before include "British period, Eighteen-Eleven to Eighteen-Twenty" , "Period (1811-20) covering The Madness of King George III" , "Old style" , "Interim ruling period on behalf of another" , "Period 1811-1820 in UK" .)

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