Ahh, but other people think of the nicest way to outdo my code. ProgrammerMan's second tidbit of code is better - use it instead. That is, unless you are concerned about getting an email like: "Joe Bloggs <joe.bloggs@isp.com> Joe". In which case, his code will catch everything but the final char. Still, I don't think that's an issue with what you're doing.
My bit of code run 100,000 times takes 2.6679870039225 seconds.
The preg_replace statement took 3.5569069981575 seconds for 100,000 iterations
And finally, the improved substr() statement took 2.1486829966307 seconds for 100,000 loops.
Conclusion: if you aren't concerned with data past ">", use ProgrammerMan's:
$start = strpos($email, "<") + 1;
$email = substr($email, $start, strlen($email) - $start - 1);
Cheers.