Northern Rock chairman quits

LONDON, Oct. 20 (UPI) -- Matt Ridley, chairman of the troubled British bank Northern Rock, has resigned.

Ridley's departure was announced Friday, three days after members of Parliament accused him of "clinging to office," The Guardian reported.

Northern Rock's difficulties were at least partly a result of problems in the U.S. mortgage market. A month ago, depositors lined up to get their money out, in the first British bank run in 140 years.

The Northern Rock board selected Bryan Sanderson, a former chairman of Standard Chartered Bank, to replace Ridley. Sanderson was a business adviser to former Prime Minister Tony Blair.

John McFall, head of the select parliamentary committee investigating Northern Rock, called on Sanderson to make changes in the board.

"The resignation of Matt Ridley came as no surprise after the woeful performance of the board at the committee hearing," he said.

Northern Rock has received a 16-billion-pound ($32 billion) emergency loan from the Bank of England.