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Northern Rock PLC
16 November 2007
NORTHERN ROCK PLC BOARD CHANGES
Northern Rock plc announces significant changes to its Board to coincide with
the start of the second phase of its strategic review. The streamlining of the
Board is intended to assist a smooth and rapid decision making process around
the strategic review of the Company's options, which is currently in progress.
Non Executive Directors
John Devaney and Simon Laffin have agreed to join the board as non-executive
directors effective upon each of them obtaining approval from the FSA under its
approved persons regime.
Mr Devaney is the Chairman of National Air Traffic Services (NATS) and also the
Chairman of Telent plc.
Mr Laffin is an adviser to CVC Capital Partners and was previously the Chief
Financial Officer and Property Director of Safeway Plc.
Chairman Bryan Sanderson said:
'I am delighted to welcome John Devaney and Simon Laffin to the Board. I believe
they have the right experience to help Northern Rock through its ongoing strategic review.'
Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosemary Radcliffe will
retire from the Board as Non Executive Directors with immediate effect.
Sir Ian Gibson and Michael Queen continue to serve as Non Executive Directors.
Bryan Sanderson said:
'I would like to thank the retiring Non Executive Directors for their efforts
over a number of years and their commitment during the very difficult
circumstances of the last few months. Special thanks are due to Rosemary
Radcliffe's contribution during a period of ill-health. I wish her a speedy
Adam Applegarth, Chief Executive, has tendered his resignation and it has been
accepted by the Board subject to him continuing as a Board Director and Chief
Executive throughout the second phase of the strategic review process, which is
scheduled for completion no later than end of January 2008.
Bryan Sanderson said:
'Adam's participation in the next phase of the strategic review is important,
not least due to his extensive knowledge of the business and his ability to lead
the process during this difficult period.'
David Baker, Keith Currie and Andy Kuipers are standing down as Board directors,
but remain officers of the company and continue to have responsibility for their
full range of duties.
Dave Jones continues to serve on the Board as Finance Director.
John Devaney has been Chairman of NATS since 2005 and is also Chairman of Telent
plc (previously Marconi Corporation Plc). John steered Telent through its
re-listing in January 2003, the UK's largest ever recapitalisation. He is also
Chairman of BizzEnergy, one of the UK's largest independent energy retailers and
Tersus Energy Plc, a small bio-fuels company listed on AIM. He was formerly
Chairman of Exel Plc, MD, Chief Executive then Chairman of Eastern Electricity
and President of Perkins Engines. He has also held non-executive directorships
with Midland Bank Plc and British Steel Plc.
Simon Laffin is an industrial adviser to CVC Capital Partners specialising in
retail and consumer services. He started working with CVC in December 2004.
Prior to this he was Chief Financial Officer and Property Director of Safeway
Plc for 10 years. Mr Laffin holds an MA in Economics, Social & Political
Sciences from Cambridge University and is a qualified accountant.
No further information is required to be disclosed under Rule 9.6.13 of the