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 was revealed that Lehman Brothers and Bradford & Bingley had tabled bids for Northern Rock in December 2007; both of these bidders later fell victim themselves to the banking crisis. Terra Firma Capital Partners, a private equity company, also wanted to purchase some of Northern Rock's prime assets. Northern Rock announced that all offers had been "materially below" the previous trading value. Alistair Darling said on 19 November that the Government would have to approve or veto any sale, in the interests of taxpayers, depositors and wider financial stability. In December the Government prepared emergency legislation to nationalise the Bank,