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Northern Rock announces new board

Northern Rock has appointed its non-executive chairman Ron Sandler as chairman of the newly created savings and mortgage bank Northern Rock.

Bradford and Bingley chairman Richard Pym (pictured) is to be appointed as non-executive chairman of Northern Rock Asset Management, the existing company renamed, which will hold and service the balance of the existing residential mortgage book.

NR chief executive Gary Hoffman  will take on the position of co-CEO of both newly created firms, while current NR director of debt management Andy Tate will become chief operating officer of NRAM.

The board of Northern Rock plc also includes chief risk officer Rick Hunkin as an executive director. Non-executive directors include Laurie Adams, Richard Coates, Mike Fairey, Mark Pain and Mary Phibbs.

The board of  NRAM includes Richard Pym as chairman and Gary Hoffman as chief executive. Executive directors include Andy Tate, and non-executive directors include Kent Atkinson, Bob Davies, Sue Langley, Keith Morgan and Philip Remnant.

John Devaney and Tom Scholar will retire from the board of the existing company on January 1.

All appointments are subject to FSA approval and will take effect on January 1, following completion of its legal and capital restructuring process.

Sandler says: “I am delighted that we have been able to assemble boards of such experience and quality to oversee the development of both companies in the coming years.”

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