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 July 2013, private equity firm JC Flowers agreed to buy $450 million of the bank's loans from the British Government. In December 2012 an administrative error was uncovered in the wording of the loan agreements made by the bank in 2008 for around 152,000 customers; the error may cost an estimated £270 million. As a result of the error the affected customers, who were borrowing £25,000 or less, may be entitled to a repayment of interest. Around the time of the nationalisation of Bradford & Bingley's mortgage book the press suggested that merging it with Northern Rock was a possibility.