To do this in pure XSLT 1.0, with no extensions, use:
<xsl:template name="token-before-last">
    <xsl:param name="text"/>
    <xsl:param name="delimiter" select="'/'"/>
    <xsl:variable name="next-text" select="substring-after($text, $delimiter)" />
    <xsl:choose>
        <xsl:when test="contains($next-text, $delimiter)">
            <!-- recursive call -->
            <xsl:call-template name="token-before-last">
                <xsl:with-param name="text" select="$next-text"/>
            </xsl:call-template>
        </xsl:when>
        <xsl:otherwise>
            <xsl:value-of select="substring-before($text, $delimiter)"/>
        </xsl:otherwise>
    </xsl:choose>
</xsl:template>
Example of call:
<xsl:template match="tag">
    <result>
        <xsl:call-template name="token-before-last">
            <xsl:with-param name="text" select="."/>
        </xsl:call-template>
    </result>
</xsl:template>
Demo: http://xsltransform.net/94AbWAB
If your processor supports the EXSLT str:tokenize() extension function, you can do simply:
<xsl:template match="tag">
    <result>
        <xsl:value-of select="str:tokenize(., '/')[last() -1]"/>
    </result>
</xsl:template>
Demo: http://xsltransform.net/94AbWAB/1