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Rock’s new FD quits after eleven months

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13th Jan 2009
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Ann Godbehere, formerly financial director at Swiss Re, has announced her intention to step down from her role at nationalised Northern Rock. In what must surely be one of the shortest notice periods served by any FTSE level FD, Godbehere will exit the board on 31 January and leave the company for good at the end of the following month.

Godbehere earned a £900,000 salary for her Rock job, and gained notoriety in the British press due to her “commute” from her Swiss residency, thereby ensuring she enjoyed non-domiciled tax status, something she shared with the Rock’s new CEO Ron Sandler. Despite promises by the Treasury on appointing Sandler and Godbehere that both individuals would be paying full UK tax, it is believed both individuals currently retain their non-domiciled status as the department now refuses to answer questions on the subject.

Known as the “cat whisperer” to her neighbours in the Swiss village of Rueschlikon due to her large family of cats, Godbehere’s interim appointment, like Sandler’s, was officially intended to be “for the initial phase of public ownership” only. But a Treasury spokesperson told AccountingWeb that neither Godbehere or Sandler were hired on short term or interim contracts.

Responding to early criticism that Godbehere and Sandler were overpaid, the government said last year that “no additional incentives will be discussed until the new board has discussed its business strategy with the government.” In the event, this was nothing to worry about - both parties left before a pay review was due. Ron Sandler became a non-executive chairman in October.

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