Northern Rock CEO Adam Applegarth today gave his resignation, effective after the company's strategic review in late January. The executive follows in the footsteps of 3 former Northern Rock directors, and 4 non-executive directors pending retirement will follow in his.
The British mortgage lender is already flailing like a cranky toddler in a grocery store; the most recent resignation from the top is only adding fuel to the fire. Since the subprime mortgage meltdown, Northern Rock is one of many lenders in need of a lifejacket. Though the Bank of England bailed it out in September, the company still cropped nearly 90% in the last year. As a result of the ongoing mess, the equity has been put up for sale.