BusinessCompany NewsRock FD survives board clear out

Rock FD survives board clear out

Finance chief David Jones manages to keep his job despite clear out of the board by Northern Rock chairman

Northern Rock finance director David Jones is one of the few executives at
the beleaguered bank to have survived a board clear out by chairman Bryan
Sanderson.

Last week Sanderson announced that chief executive Adam Applegarth had
resigned and that fellow executive directors David Baker, Keith Currie and Andy
Kuipers would also be leaving the company.

Jones, however, will stay on as finance director.

Sanderson also announced that former Safeway CFO Simon Laffin would join the
company as a non-executive director along with National Air Traffic Services
chairman John Devaney.

He said Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosmary Radcliffe
would all be stepping down as non-execs.

The board shake-up follows the cash bail out of Northern Rock by the Bank of
England. The government has now contributed about £20bn as part of a rescue
package granted to help get the bank through the credit crunch.

Further reading:

Read
the full announcement here

Otty: Big firms will ride credit crunch
storm

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