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 with fresh mortgages and bondholders will be repaid as old mortgages expire. On 18 March, Northern Rock announced the measures that it would be taking to reduce the government debt within three to four years. The bank is to cut around a third of jobs (2,000) by 2011; on 1 May the bank confirmed that they would be initialising talks with the unions and that most of the job losses would be later in 2008. As of 30 September 2008 the bank is repaying the loan well ahead of target, owing a net balance of only £11.5 billion of the