Northern Rock, a mortgage lender, has announced that Bryan Sanderson will take over as chairman of the company.
Mr Sanderson’s appointment will take effect upon him obtaining approval from the FSA under its approved person’s regime. Mr Sanderson is a former chairman of BUPA and of Standard Chartered. He was previously a director of BP and chairman of the Learning and Skills Council. Bryan Sanderson has had a long career with BP. He is currently a non-executive director of Durham Cricket Club and was a director of Sunderland from 1997 – 2006.
Matt Ridley, present chair man of the company, has made clear in September that he was willing to resign, but the board asked him to remain in his role as chairman until the new funding arrangements were in place and until he had represented Northern Rock before the Treasury Select Committee. Mr Ridley’s resignation will take effect from the date on which Mr Sanderson’s approval from the FSA is granted.
Sir Ian Gibson, senior independent director of Northern Rock, said: The board is delighted to welcome Bryan Sanderson to the company. He has a wealth of experience in business, banking and working with government that will prove invaluable to Northern Rock when considering future strategic options. I want to thank Matt Ridley for his hard work as chairman since 2004 and particularly for his commitment during the very difficult circumstances of the last few months.