Board changes at Northern Rock
by Kay Murchie
Nationalisation has now taken effect at Northern Rock and over the weekend, changes to the board have been revealed.
Several board members have resigned while Ron Sandler has been appointed executive chairman. Mr Sandler said he aims to ‘build a company operating on sound commercial principles that can be returned to the private sector, standing on its own two feet.’
Bryan Sanderson, Ian Gibson, David Jones and Paul Thompson have each retired from the board, although David Jones will continue as part of the management team. Andy Kuipers will remain on the board and will continue as chief executive.
Northern Rock added that its shares had been cancelled and investors will be entitled to compensation. However, the determination of compensation will be made by an independent valuer.
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