December 13, 2007

Northern Rock CEO departs (AP)

This undated photo made available by Northern Rock shows Northern Rock PLC's chief executive Adam Applegarth who the troubled mortgage lender announced Thursday Dec. 13, 2007 is stepping down immediately rather than staying on until February. Applegarth, who has been with the company for 24 years, also will cease to be a director and an employee, the company said. Northern Rock ran into trouble in September when short-term money markets dried up following the collapse of the U.S. subprime mortgage market. Heavily reliant on funding from those markets, Northern Rock approached the Bank of England for an emergency loan, news of which sparked a run on the bank and a collapse in its share value. (AP Photo/Northern Rock/PA)AP – Northern Rock PLC’s chief executive will step down immediately rather than in February as planned, the troubled mortgage lender said Thursday.

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