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January 11, 2009

Northern Rock’s chief financial officer resigns

by Gill Montia

Story link: Northern Rock’s chief financial officer resigns

Northern Rock is losing its chief financial officer at the end of next month.

Ann Godbehere joined the nationalised lender in February 2008, having formerly held the post of chief financial officer at insurer, Swiss Re.

She will be leaving behind a salary of £75,000 a month, a level of remuneration that caused an outcry at the time of her appointment 11 months ago, as the collapsed lender swallowed-up millions of pounds in taxpayer support and the prospect of sweeping job losses loomed.

The bank has stated that Ms Godbehere’s appointment was made with the initial phase of public ownership in mind and has confirmed that her replacement is being sought.

According to press reports the future of Northern Rock is unclear.

The Government originally planned to re-float the bank and return it to private ownership once it had re-established its credentials.

However, according to a report in The Telegraph last week, ministers are now considering putting Northern Rock’s loan book into run-off and selling its customer deposits business.

 

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