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 Co., and Virgin hope that the new enlarged Virgin Money with its 4 million customers will be "a significant new competitor in UK retail banking". WL Ross has a 44% stake in the enlarged Virgin Money – this is larger than his stake in Virgin Money after their purchase of Church House Trust in 2010. The deals with the Northern Rock Foundation will be extended to at least 2013, giving Virgin and the Foundation time to agree how they will work together. The new Virgin Money also aims lend £45bn in total to support its customers over the next five