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March 4, 2008 |
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NORTHERN ROCK: David Baker Set to Retire in May 2 Mr. David Baker, Northern Rock's deputy chief executive, is set to take an early retirement on May 2, 2008. Mr. Baker served the bank for 34 years. He assumed his deputy chief executive position in September 2005. In a BBC report, Mr. Baker is quoted saying, "This was entirely a personal decision. Northern Rock has recently entered a new phase under temporary public ownership and I think this is the right thing to do at the right time." Mr. Baker was a member of the management team that put up a bid for the bank's takeover. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/ -- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * In December 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. |
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