Northern Rock 2008, Ron Sandler was appointed Executive Chairman by the government. Gary Hoffman became Chief Executive of Northern Rock in October 2008. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. Since the split of the bank into Northern Rock plc and Northern Rock (Asset Management) plc on 1 January 2010, each company had its boards of directors. On 4 November 2010 Northern Rock announced that Gary Hoffman had left the bank and was to move to NBNK Investments as CEO. One of the stipulations of Hoffman's appointment at NBNK was that they could not table
Nationalisation of Northern Rock the private sector by the end of the year. On 17 November 2011 the UK Government announced the sale of Northern Rock to Virgin Money for £747m. On 26 June 2009 the bank confirmed that it was to be split into two parts, an "assetco" and a "bankco". The plan was also to include that the remaining amount of the government loan was to be repaid by the end of 2010. On 28 October the European Commission waived through plans to split the bank off and sell the "good" parts off. On 8 December the Northern Rock plc Transfer Order