New chief takes over at Rock
FORMER BP director Bryan Sanderson has taken the helm at stricken mortgage bank Northern Rock after chairman Matt Ridley’s resignation last week.
Mr Sanderson was named as Dr Ridley’s successor on Friday, but takes on the role after receiving regulatory clearance from City Watchdog, the Financial Services Authority.
Shares in the group swung into positive territory yesterday on news of Mr Sanderson’s move into the position, despite a plummeting wider stock market.
Northern Rock accepted Dr Ridley’s resignation on Friday just days after he was accused of ‘‘clinging to office’’ by MPs at a hard-hitting Treasury Select Committee hearing into the bank’s recent crisis.
His departure comes a month after Northern Rock was thrown into turmoil after revealing it had called on the Bank of England as lender of last resort amid a global credit crunch - news which caused the first bank run in nearly 150 years.
Mr Sanderson joins with previous experience of chairing boards at private healthcare group Bupa and banking group Standard Chartered.
He was a managing director within oil major BP for eight years and also previously a non-executive director at pubs group Mitchells and Butler.
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