Land Securities chairman Paul Myners will head up a heavyweight management team at troubled mortgage lender Northern Rock if private equity firm JC Flowers wins control of the company.
In a statement to the Stock Exchange this morning, JC Flowers revealed that Myners would be the new Northern Rock chairman if it succeeded in its bid for the company, on a board that also included former Alliance & Leicester chief executive Richard Pym and former ABN Amro finance director Hugh Scott-Barrett.
Sir Martin Jacomb, non-executive chairman of Canary Wharf, has been appointed an adviser to JC Flowers.
Sir Richard Branson’s Virgin Group and private equity frims Blackstone and Cerberus have also declared an interest in bidding for Northern Rock.
This week it emerged that the Bank of England had lent a further £4.7bn to Northern Rock, taking the total lent to £20.6bn.