Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
Nationalisation of Northern Rock 2009 was laid before parliament and in this the Treasury announced that this restructuring would take place from 1 January 2010. There are two companies; the first being a new company, to be re-registered with the name "Northern Rock plc", which contains the bank's retail and wholesale deposit business, and the second being the current Northern Rock plc renamed to "Northern Rock (Asset Management) plc", which retains the balance of the bank's mortgage book, the Government loan, other borrowings, derivatives and certain wholesale deposits (held on behalf of Granite). The bank, "Northern Rock plc", would be offering new savings and