northern rock announces new finance director

Northern Rock plc has announced that Bob Bennett will retire from the Board of the Company on 1 February 2007. He is to be replaced as Finance Director by Dave Jones, aged 47, currently Deputy Finance Director of the Company.

Dr Matt Ridley, Chairman, said: “Bob Bennett has given many years of valuable service to Northern Rock. He helped lead a very successful flotation in 1997 and create a clear strategy for the future based on growth, efficiency and credit quality.

“Replacing him has involved us in searching the market for the best external talent. But potential appointees had to be compared with the best of our home grown executives and I am delighted that Dave Jones has emerged successfully from this search for a successor.”

Adam Applegarth, Chief Executive, said: “In Dave’s appointment, we are able to ensure continuity in the successful development of Northern Rock. As we indicated in our Half Year Results at the end of July, we are meeting all our strategic and operational targets and look forward to the future with confidence.”

Northern Rock is authorised and regulated by the Financial Service Authority for deposit-taking; advising on and arranging mortgages and general insurance; and for introducing life assurance and investments.