BusinessBusiness RecoveryVirgin ready with FD and board for Rock

Virgin ready with FD and board for Rock

Virgin declares it has executives in place and ready to go if it wins bid to take over Northern Rock

Virgin has prepared an executive team to take over at Northern Rock,
including a finance director, should it win the auction for the troubled bank.

News of the preparations were released to the market yesterday but Virgin
held back from naming who prospective executives are.

Current rock FD Dave Jones only joined the board in February of last year and
succeeded Bob Bennett, a veteran at the bank who has recently made public his
critical views of the bank’s management since his departure.

If the bank were nationalised it has been reported that Ann Godbehere,
currently FD at Swiss Re, would become the bank’s new FD.

The Virgin bid is being led by Virgin Money CEO Jayne-Anne Gadhia, a
chartered accountant and former Ernst & Young trainee who has also worked at
RBS.

A statement from Virgin yesterday said: ‘An experienced executive management
team has been assembled, including Sir Brian Pitman as Executive Chairman and
Jayne-Anne Gadhia as CEO. New and experienced candidates for Finance Director,
Treasury Director and Risk Director have also agreed to join the Company if the
Consortium’s proposal proceeds.’

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