The chief executive of crisis-hit mortgage lender Northern Rock has resigned.
Adam Applegarth will leave by the end of January when a way forward for the beleaguered group has been resolved.
The bank also announced that four non-executive directors - Sir Derek Wanless, Nichola Pease, Adam Fenwick and Rosemary Radcliffe - were stepping down with immediate effect.
Mr Applegarth has worked for Northern Rock since 1983, and became chief executive in March 2001 at the age of 39. Last year he was paid £1.36 million, including a £660,000 bonus.
Northern Rock refused to comment on whether Mr Applegarth would receive a compensation package when he left the business.
The UK's fifth-biggest mortgage lender made the announcement as the deadline for rescue proposals for the group arrived.
The company's chairman, Bryan Sanderson, said: "Adam's participation in the next phase of the strategic review is important, not least due to his extensive knowledge of the business and his ability to lead the process during this difficult period."
He added that three further directors - David Baker, Keith Currie and Andy Kuipers - would step down from the board, although they would remain officers of the company.
Northern Rock was forced to turn to the Bank of England for emergency lending in September after its borrowing costs soared in the summer credit crunch - sparking the first run on a UK bank in more than 150 years.
Its former chairman, Matt Ridley, resigned in October, being replaced by Mr Sanderson.
