Hoffman at helm for Northern Rock
NATIONALISED bank Northern Rock has named its new boss.
Barclays director Gary Hoffman has been appointed chief executive.
He joined Barclays in 1982 and has held a number of senior roles, including chief executive and chairman of Barclaycard.
The 47-year-old says he aims to return Northern Rock “to private ownership as a thriving, stable business”.
His appointment means Northern Rock chairman Ron Sandler will revert to a non-executive role. Mr Hoffman will start his new job in October.
Northern Rock was nationalised in February after the credit crisis forced the bank to seek emergency funding from the Bank of England last autumn. Barclays said the decision to release its group vice-chairman and executive director had been made “reluctantly”.
“This is an exciting opportunity for me.,” said Mr Hoffman. “I am excited by the prospect of leading the company back to a position of strength.”
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