Northern Rock chairman resigns

Ridley’s resignation comes after he was grilled by a parliamentary committee with other senior management over the collapse of the bank. He offered to resign in September but was asked to remain in order to give his testimony before the committee. Sanderson will take over subject to FSA approval. However, Ridley's resignation has come too late for some including Liberal Democrat Acting Leader and Shadow Chancellor, Vince Cable. He says: “The Government should have made Mr Ridley’s departure a condition of its loan, rather than waiting for him to go. “Furthermore there are other direc...