Northern Rock gets new chairman
Updated on 22 October 2007
Former BP director Bryan Sanderson has taken over as chairman of troubled UK bank Northern Rock after Matt Ridley's resignation last week.
Mr Sanderson has been named as Dr Ridley's successor, after receiving regulatory clearance from City watchdog, the Financial Services Authority.
Shares in the group have begun to rise following the news of his appointment, in spite of a plummeting wider stockmarket.
Northern Rock accepted Dr Ridley's resignation last week only days after it was suggested he was "clinging to office" by MPs at a Treasury Select Committee hearing into the bank's recent crisis.
His departure comes a month after Northern Rock announced it had called on the Bank of England for a loan as a last resort amid a global credit crunch - news which caused chaos in the financial arena.
The bank said of Mr Sanderson: "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."
Mr Sanderson has previous experience of chairing boards at healthcare group Bupa and banking group Standard Chartered. He was also a managing director within oil firm BP for eight years.
He joins as speculation rises over a possible rescue deal for Northern Rock from a consortium led by Sir Richard Branson's Virgin.
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