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JC Flowers outlines team for Northern Rock

LONDON
Thu Oct 25, 2007 7:49pm EDT
Customers queue to enter a branch of Northern Rock in Kingston, Surrey, southern England, September 17, 2007. Buyout firm JC Flowers said on Thursday it remains in talks with the board of Northern Rock over a possible offer, and outlined its potential management team for the stricken UK mortgage bank. REUTERS/Alessia Pierdomenico

LONDON (Reuters) - Buyout firm JC Flowers said on Thursday it remains in talks with the board of Northern Rock NRK.L over a possible offer, and outlined its potential management team for the stricken UK mortgage bank.

Mergers & Acquisitions  |  Bonds

In a statement, JC Flowers said it had secured a management team headed by Paul Myners, who would become chairman of the bank, with former Alliance & Leicester ALLL.L Chief Executive Richard Pym as executive deputy chairman.

Pym would be chief executive for the "initial period of stabilization," JC Flowers said.

The former chief financial officer of ABN AMRO AAH.AS, Hugh Scott-Barrett, would be take the same position at the bank.
Mergers & Acquisitions
Bonds


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