Adam Applegarth, Northern Rock’s chief executive, has left the bank. He will be replaced by Andy Kuipers, subject to the UK Financial Services Authority’s approval.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.
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.
More on People
Job changes in the derivatives, regulation and risk industry throughout Asia
Hoodless and Madaras among those suspended
Head of retail predicts appeal to conservative Canadian investors
UBS promotes Shane Edwards to head of global equity derivatives
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.