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
Northern Rock price was £4.51908. It joined the stock exchange as a minor bank and was expected to be taken over by one of its larger rivals, but it remained independent. In 2000 Northern Rock gained promotion to the FTSE 100 Index, but was demoted back to the FTSE 250 in December 2007 and later suspended from the LSE on nationalisation. On 14 September 2007 the Bank sought and received a liquidity support facility from the Bank of England, following problems in the credit markets caused by the financial crisis of 2007–2008. The bank was more exposed than others to restrictions in