Northern Rock secures CEO from Barclays

Gary Hoffman, Barklays vice chairman, will replace current
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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Northern Rock job needs a star

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