The appointment will take effect upon him obtaining approval from the FSA under its approved persons regime.
Dr. Matt Ridley 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.
He and the Board now believe that in the interests of all stakeholders in the Company, the time is right to accept his resignation as a director and chairman of the Company. Dr Ridley’s resignation will take effect from the date on which Mr Sanderson’s approval from the FSA is granted.
Ridley's successor, Sanderson, is a former chairman of BUPA and of Standard Chartered plc. He was previously a director of BP plc and chairman of the Learning and Skills Council.
Sir Ian Gibson, senior independent director of Northern Rock plc, 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.”
Sanderson has had a long career with BP and was a managing director of the company from 1992 to 2000. Subsequently he became Chairman of Standard Chartered PLC from May 2003 to November 2006 and non-executive Chairman of BUPA from 2001 to 2006 having previously been Chairman of the Learning and Skills Council from 2000 to 2004. He was also a non-executive director of both Six Continents plc and Mitchells & Butler plc between August 2001 and April 2003. He is currently a non-executive director of Durham Cricket Club and was a director of Sunderland PLC from 1997 – 2006. No further information is required to be disclosed under Rule 9.6.13 of the Listing Rules.
