EUROPE - Former Northern Rock CEO appointed adviser for Apollo

Applegarth quit Northern Rock with a £760,000 pay-off in December 2007, two months before it was nationalised.

Applegarth's recent hire has sparked public debate regarding his suitability for the role. The move has led to rumours saying that Apollo hired Applegarth for his knowledge of Northern Rock's mortgage book.

In December 2008, Apollo closed its seventh fund at $14.8bn, just short of its $15bn target. The firm is best known for its £1bn investment in Countrywide estate agency chain in May 2007. The deal saw Apollo's original equity investment in the company wiped out completely.

Apollo typically executes classic and distressed buyouts of companies in the mid- and large-cap market and in franchise assets.

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