Troubled UK Lender Names CEO

Andy Kuipers has been named chief executive officer of the liquidity-strapped United Kingdom mortgage lender Northern Rock PLC, Newcastle Upon Tyne.Adam Applegarth, who led the company for 24 years, has stepped down. Mr. Kuipers previously served on the company's board and has been responsible for sales, marketing, products, pricing, and retention activities at the firm. Northern Rock continues to review proposals for a possible deal on an "accelerated basis" with a consortium led by the Virgin Group, London, but has also had talks with "other parties," including Olivant Advisers Ltd., London.