Ron Sandler, currently non-executive chairman of the existing Company, will become chairman of the newly created Northern Rock plc.
Gary Hoffman, currently CEO of the existing Company, will take on the position of Co-CEO of both the newly created Northern Rock plc and Northern Rock (Asset Management) plc following the restructure.
Rick Hunkin, chief risk officer of the existing Company since 1 September 2008, will retain that title and be appointed to the board as an executive director.
Richard Pym is to be appointed as non-executive chairman of Northern Rock (Asset Management) plc.
Among the other appointments, Laurie Adams and Richard Coates join the board and Mike Fairey, Mark Pain and Mary Phibbs will be appointed to the Board as non-executive directors.
The appointments are designed to provide strong boards for both companies, harnessing significant retail banking, financial and operational experience to ensure each company can meet its objectives and, in turn, deliver value for taxpayers.
The restructuring will result in two separate companies, Northern Rock plc – a new savings and mortgage bank that will hold and service all customer savings accounts and some existing mortgage accounts and Northern Rock (Asset Management) plc – the existing Company renamed, which will hold and service the balance of the existing residential mortgage book.
