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24 Jul 2008
Gary Hoffman, Barklays vice chairman, will replace current Northern Rock chief executive Andy Kuipers, who will leave on August 31.
Hoffman's basic salary is £700,000 and he will also receive three separate payments of £400,000 in compensation for the loss of his participation in Barclays' long-term incentive plans.
‘I am excited by the prospect of leading the company back to a position of strength, delivering our plan and returning Northern Rock to private ownership as a thriving, stable business,'Hoffman said.
Ron Sandler will remain executive chairman of the company until October 1, when he will become non executive chairman.
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