Bryan Sanderson, the former BP director has taken the reins at Northern Rock following the resignation of the chairman Matt Ridley.
The Financial Services Authority (FSA) has given clearance for Sanderson to take his post after he was named as the successor on Friday. Northern Rock said that Sanderson had a wealth of knowledge and his past experience of working with the government would be of great help to the troubled bank.
He met with the board yesterday to outline his proposals for the future of the bank which is being eyed-up for a takeover. Sanderson worked for BT for eight years and has also worked on the boards of private healthcare group BUPA and banking group Standard Chartered.
According to the Press Association, reports suggest that a consortium headed by Sir Richard Branson’s Virgin will be making a bid for the bank. They are reported to be demanding a 51% share in the group.
Ridley departed the bank after facing a tough grilling from the Treasury Select Committee that is looking into the bank’s recent crisis.