Northern Rock's Applegarth quits non-exec role at Persimmon

Northern Rock chief executive Adam Applegarth has quit as non-executive director of housebuilder Pe...

Northern Rock chief executive Adam Applegarth has quit as non-executive director of housebuilder Persimmon. Applegarth said he has quit to spend more time with the day-to-day running of the Newcastle-based bank. Northern Rock borrowed almost £21bn form the Bank of England in emergency lending after the mortgage bank was hit by the freezing of the credit markets. Among parties considering bids for the ailing bank are Cerberus, a consortium led by Virgin Group, and the private equity firm JC Flowers.