New chief at Northern Rock
Andy Kuipers will take over at UK mortgage bank Northern Rock following the expected departure of incumbent Adam Applegarth. Kuipers is charged with steering the institution through its strategic review process, which the bank says it will complete by February 2008.
The Virgin consortium remains the bank’s preferred bidder and Northern Rock said in a stock exchange release that talks with the suitor are continuing “on an accelerated basis”.
The bank announced on November 16 that Applegarth would
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