Nationalisation of Northern Rock mortgage products, but the other company, "Northern Rock (Asset Management) plc", will not. The subsidiary in Guernsey, Northern Rock (Guernsey) Limited, and all Irish accounts are owned by the new Northern Rock plc. After the split there are two boards of directors; Ron Sandler is the Chairman of the new Northern Rock plc and Richard Pym is Chairman of the Asset Management company. Gary Hoffman is Chief Executive of both companies. On 10 March 2010 Northern Rock (Asset Management) plc announced that for the year 2009 the company made a better than expected loss of £257.4 million; this was a
Nationalisation of Northern Rock the bank to move to NBNK; Sandler reverted to his Executive Chairman position. In October 2008, the post-nationalisation management of Northern Rock decided not to bring legal action for negligence against the directors in charge during the crisis, including former chief executive Adam Applegarth, citing insufficient grounds to do so. There will be no action either against the auditors, PricewaterhouseCoopers. In January 2009 it was announced that Ann Godbehere would be leaving her post as Chief Financial Officer at the end of February. Some former directors of the bank have been fined and banned by the FSA including former deputy