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
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