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Northern Rock chief executive to stand down, Wanless also to leave

Northern Rock chief executive Adam Applegarth is to stand down from the lender with head of risk and audit committee Sir Derek Wanless and a handful of other non-executive directors also leaving.

Applegarth’s resignation has been accepted by the Board subject to him continuing as a board director and chief executive throughout the second phase of the strategic review process which is set to go on till end of January 2008.

Wanless, Nichola Pease, Adam Fenwick and Rosemary Radcliffe will also retire from the Board as non-executive directors with immediate effect.

David Baker, Keith Currie and Andy Kuipers are standing down as board directors but remain officers of the company and continue to have responsibility for their full range of duties.

Dave Jones continues to serve on the board as finance director.

The news comes with today’s deadline for indicative proposals for Northern Rock.

Preliminary bid proposals are due today from JC Flowers, the Virgin Group led-consortium, Cerberus and a team led by former Abbey chief executive Luqman Arnold.

Chairman Bryan Sanderson says: ‘Adam’s participation in the next phase of the strategic review is important, not least due to his extensive knowledge of the business and his ability to lead the process during this difficult period.’

Northern Rock also announced the appointment of two new non-executive directors, John Devaney and Simon Laffin.

Devaney is the chairman of National Air Traffic Services and also the
chairman of Telent plc.

Laffin is an adviser to CVC Capital Partners and was previously the chief
financial officer and property director of Safeway Plc.

Sanderson adds: ‘I am delighted to welcome John Devaney and Simon Laffin to the Board. I believe they have the right experience to help Northern Rock through its ongoing strategic review.’


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