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
Shareholder Executive the government's nationalisation of Northern Rock and Bradford & Bingley at the start of the banking crisis in 2008. It then began the process of splitting off Northern Rock's 'bad bank' mortgage business to form Northern Rock. All bank shareholdings were transferred to UK Financial Investments in November 2008. In 2011 the Government Property Unit was moved from the Shareholder Executive to the Cabinet Office as part of the new Efficiency and Reform Group. In 2015, the government announced that the Shareholder Executive would be transferred to HM Treasury and became subsidiary of UK Government Investments, along with UK Financial