Before Kuipers' appointment as chief executive, he was responsible for the co-ordination and direction of the company's sales, marketing, products, pricing and retention activities. Kuipers joined Northern Rock in 1987, having previously worked in banking in Holland. He was appointed to the board of Northern Rock as an executive director in January 2005.
Applegarth had worked at Northern Rock for 24 years. He leaves after a troubled third quarter at the bank, which struggled to find funding when one of its main sources of income - the short-term money markets - was hit by a lack of liquidity in August and September.