Britain's Northern Rock has named director Andy Kuipers as its new chief executive.
The bank also said it would take a £281 million sterling ($574 million) hit from its exposure to credit market problems.
Mr Kuipers replaces Adam Applegarth, who resigned last month.
The bank said it was in "accelerated discussions" with bidder Virgin Group and expects to complete its strategic review by February.
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Northern Rock advisers are auctioning the bank after it was engulfed in a funding crisis in September and has since been forced to borrow £25 billion ($51 billion) from the Bank of England.