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 appointed Moelis & Company as advisers for the divestments. In September and October 2009 various groups of people, including the Building Societies Association, called for the Northern Rock to be remutualised. Treasury minister Sarah McCarthy-Fry said that the idea of mutualisation had not been ruled out. The Northern Rock Building Society had previously been de-mutualised in 1997, to become a bank. In the Labour Party's 2010 Manifesto there was a mention of a possible "mutual solution" for Northern Rock. The Liberal Democrat's Manifesto noted that the party would have turned Northern Rock into a building society. On 1 February it