Can Rocket Ron save the Rock?

Now that the Rock has been nationalised, the government is banking on 'Rocket Ron' to sort out the ailing institution. The new chief executive chairman of Northern Rock, Ron Sandler, is a corporate troubleshooter credited with saving the insurance market in the late Nineties when he was chief executive of Lloyd's of London. He spearheaded the recovery of the world's oldest insurance market after it faced huge asbestos claims, earning himself a reputation as a man who can sort out the most intractable problems, and quickly.

He has helped out Gordon Brown before. In 2001 the then Chancellor asked him to produce a high-profile report on the long-term savings industry. However, his recommendations for cheaper and simpler products were not universally welcomed, with many financial services experts claiming they would be unprofitable. Since then, he has steered clear of the spotlight, preferring to build up a portfolio of non-executive directorships. He is a director of Computacenter and Paternoster, the company set up by former Prudential executive Mark Wood, and sits on the board of Fortis, the Belgo-Dutch bank.

Born in Rhodesia (now Zimbabwe), Sandler, 55, has an engineering degree from Cambridge and an MBA from Stanford. He will be executive chairman of Northern Rock, with Ann Godbehere as finance director. Despite Chancellor Alistair Darling's insistence that the Northern Rock nationalisation is only "temporary", realists believe 'Rocket Ron' should be preparing for the long haul.