Northern Rock’s chief financial officer Ann Godbehere today announced her decision to step down as the bank approached its year anniversary under public ownership.
Ms Godbehere, who was appointed when Northern Rock was nationalised in February 2008, will step down from the board on January 31 and leave the bank at the end of next month.
Northern Rock said it was in the process of recruiting her replacement.
The UK Government initially hired Ms Godbehere and Ron Sandler to lead the group immediately after it took control of stricken Northern Rock.
It was intended that their involvement would only be on a temporary basis.
Former executive chairman Mr Sandler has already reverted to non-executive status following the appointment of ex-Barclays vice chairman Gary Hoffman as chief executive in October.
Mr Hoffman said today: “The original intention was for Ann to remain with the company for the initial phase of public ownership but she has chosen to stay for a year and, with her input, we have accomplished some key stages in the delivery of our business plan.
“Ann is now taking the opportunity to step down from the board to focus on other business interests and we wish her well for the future.”
Ms Godbehere is a veteran of the insurance world, having worked for many years at Swiss Re, latterly acting as head of group finance for the firm on the executive board.
The Canadian has also previously been named by Fortune magazine as one of the business world’s 50 most powerful women.
Northern Rock was taken into public ownership after collapsing in 2007 amid the credit crunch.
The mortgage lender’s troubles sparked the first run on a British bank in more than a century.