Ann Godbehere is in pole position to take over as FD of Northern Rock, after Alistair Darling announced that the bank would be nationalised yesterday.

In a surprise statement the chancellor steered clear of using the word nationalisation, preferring to say that the embattled bank would be entering into a period of 'temporary public ownership'.

Last month it emerged that Ron Sandler who will be the executive chairman of the bank, had earmarked Godbehere to oversee the bank's finances if the government decided to take the nationalisation route.

Godbehere was highly respected during her time as FD of Swiss Re, the world's largest reinsurer.

Further reading:

Former Swiss Re FD lined up as Northern Rock deputy