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Context of 'March 31, 2008: Nationalized British Lender Announces Loss for Previous Year; Reveals Payoff for Former Boss'

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Troubled British mortgage giant Northern Rock announces that its chief executive, Adam Applegarth, has resigned. It originally says he will step down from his post after completing a review of the bank’s operations no later than the end of January 2008. However, he will actually leave early, in the middle of December. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Adam Applegarth

Timeline Tags: Global Economic Crises

The recently nationalized British bank Northern Rock publishes its results for 2007, showing a pre-tax loss of £167.6 million (about $335 million). The bank also says it will be “significantly loss-making” in 2008, but pledges to repay its £25 billion (about $50 billion) loan from the Bank of England by 2010. In addition, it reveals that former chief executive Adam Applegarth (see November 16, 2007) will get severance payments totaling £785,000 (about $1,570,000). [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Adam Applegarth

Timeline Tags: Global Economic Crises

Recently nationalized British bank Northern Rock announces that its chief executive, Andy Kuipers, will leave the bank at the end of August 2008. Kuipers is the final member of its original board to leave the bank after the crisis that led to its nationalization. Northern Rock appoints the vice chairman of Barclays Bank, Gary Hoffman, as its new chief executive. [BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Gary Hoffman, Andy Kuipers

Timeline Tags: Global Economic Crises

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