The man chosen by the Government to lead the turnaround of Northern Rock has revealed his four-point recovery plan for the troubled bank. The Times
Ron Sandler, the former Lloyd's of London chief executive, spent his first day in the Rock's Newcastle upon Tyne offices, meeting executives and staff. Sandler said that his first task would be to ensure that Northern Rock was 'operating on sound principles'.
With Ann Godbehere, the former Swiss Re finance director, who will take over as chief financial officer, Sandler will trawl through some of the arcane securitisations used by the Rock to fund its business.
He said that he would then ensure that the needs of the tripartite regulators - the Financial Services Authority, the Bank of England and the Treasury - were met. Next, he will install a new management team and 'create a business that's profitable and can be returned to the private sector'.