Member Article

Ex-Rock boss makes comeback

Former Northern Rock boss Adam Applegarth is making a career comeback after becoming an adviser to a US private equity firm, it was reported today.

Mr Applegarth - who ran the bank in the lead up to eventual nationalisation - has joined Apollo Management as a senior adviser, according to The Times.

The move comes nearly two years after he quit Northern Rock with a £760.000 payoff.

Mr Applegarth has kept a low profile since the onset of the credit crunch in August 2007 wrecked Northern Rock’s business model and forced the bank to seek emergency help from the Bank of England.

As an adviser to Apollo rather than a director, he does not have to be approved by the Financial Services Authority.

Apollo - which was unavailable for comment - specialises in buying up under-performing loans at large discounts.

The private equity company is best known in the UK for buying the Countrywide estate agent chain in 2007 but is also a major shareholder in US casino owner Harrah’s Entertainment.

This was posted in Bdaily's Members' News section by Ruth Mitchell .