The share price reaction to Bradford & Bingley's two announcements this morning has been equivocal — any upward momentum caused by the appointment of a new chief executive was dampened by the dilution brought by the closure of the £400 million rights issue.

Also, although Richard Pym's appointment is welcome after a three-month search, it raises other questions. First, what now for Rod Kent, B&B's chairman?

The veteran banker will have won little respect for his handling of the banks' numerous attempts to raise extra cash. He has been clear that he has no desire to linger for the long term. Now that the chief executive spot is filled, will the bank be looking at the succession policy for its chairman?

Also, although Mr Pym is a seasoned and steady performer, he cannot get around basic problems with B&B's business. The bank is heavily exposed to buy-to-let in a weakening housing market and, with only a small branch network and relatively low deposit base, is unlikely to attract much interest from acquirers.

There are some big questions awaiting Mr Pym on his first day.

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