Northern Rock secures CEO from Barclays
Northern Rock has appointed Gary Hoffman, Barclays vice chairman, as its chief executive
Gary Hoffman, Barklays vice chairman, will replace current
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.