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 before the removal of the guarantee at the end of May. This means that, like most banks, only the first £50,000 (or as of October 2011, £85,000) deposited is guaranteed. When the British Government nationalised the bank, they noted that it was to be a temporary measure, and one of their aims was to eventually return the bank back to the private sector. On 26 April 2009, "The Times" suggested that the Government would sell Northern Rock by the end of 2009. Potential buyers included Virgin Money, National Australia Bank, Santander, Blackstone and TowerBrook. "The Times" noted that a British