Belfast Telegraph

Chairman of Northern Rock quits

Northern Rock's chairman has quit.

The beleaguered mortgage bank has announced it has accepted Matt Ridley's resignation.

On Tuesday board members appeared before Britain's Treasury Select Committee.

They were asked to explain how they allowed the first run on a bank in more than a-hundred years.

Dr Ridley said then that he'd be prepared to leave if asked.

"He and the board now believe that in the interests of all stakeholders in the company, the time is right to accept his resignation as a director and chairman of the company," the company said.

Belfast Telegraph