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 bank, leaving only NBNK and Virgin as contenders. This came as the restriction on NBNK from Hoffman's appointment expired; at this time NBNK were also preparing a bid for 632 branches of Lloyds. On 17 November 2011 it was announced that Virgin Money Holdings (UK) Limited were going to buy Northern Rock from UKFI for £747 million up front and other potential payments of up to £280 million over the next few years. These additional payments which would take the value of the sale to over £1 billion could include a £150 million capital instrument and an additional cash consideration