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Northern Rock chief quits Persimmon post

Adam Applegarth, the chief executive of beleaguered lender Northern Rock, has stepped down as non-executive director of housebuilding giant Persimmon.

John White, chairman of the York-based housebuilder, said the group understood Mr Applegarth's "desire to focus fully on the issues at Northern Rock".

Mr Applegarth, who has been on the board of the FTSE 100 housebuilder for two years, was paid more than £50,000 a year for the role.