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 renamed it Partnership House. Prior to Nationalisation, the company donated substantial amounts annually to its own charity, the "Northern Rock Foundation". Nationalisation ended the covenant requiring Northern Rock to remit a share of profits to the Foundation. Instead, for the next three years the Foundation will receive an annual £15 million payment from Northern Rock, whether it remains publicly owned or returns to the private sector. The Foundation's shares were cancelled and compensated in the same way as those of other shareholders. Two hedge funds that owned 20% of the bank, SRM Global and RAB Capital, took legal action against