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J.C. Flowers proposes management team for possible Northern Rock bid26/10/2007. Source: AltAssets. 
 J.C. Flowers & Co, the US private equity firm that is in discussions with the board of troubled UK mortgage lender Northern Rock, has proposed a management team which it intends to appoint to run Northern Rock in the event of a successful offer.
The team would include Paul Myners, the former chairman of high street retailer Marks and Spencer Group, as chairman and Richard Pym, the ex-group chief executive of financial services firm Alliance & Leicester, as executive deputy chairman and chief executive for the initial period of stabilisation. Hugh Scott-Barrett would become CFO.
J.C. Flowers has also appointed three advisors to its team: former Northern Rock CFO Bob Bennett, former CEO of Abbey National Peter Birch and Sir Martin Jacomb, a former chairman of Prudential, a former chairman of BZW and a former deputy chairman of Barclays.
The announcement follows weeks of speculation on possible bidders. Northern Rock has reportedly attracted interest from companies including Virgin Group, Lloyds TSB, AIG and Cerberus.
Copyright © 2007 AltAssets
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