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Northern Rock chief exec quits

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  • 16/11/2007
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Adam Applegarth, chief executive of beleaguered bank Northern Rock, has resigned from his post.

Applegarth bore the brunt of much market criticism following the bank’s request to the Bank of England for an emergency loan, and has previously had to defend calls for his resignation.

Bryan Sanderson, chairman of the Northern Rock board, said Applegarth would continue as board director and chief executive throughout the second stage of the lender’s strategic review process. He commented: ““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.”

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