Gary Hoffman, chief executive of nationalized bank Northern Rock, stepped down from his role today to head up NBNK Investments.
Hoffman will become chief executive of NBNK and resigns from Northern Rock with immediate effect. Northern Rock's non executive chairman Ron Sandler will take over leadership of the company as executive chairman from today, having originally been executive chairman when the bank was bailed out by the government in February 2008. Hoffman will not assume his role at NBNK after 30 April 2011, and NBNK has agreed not to make a bid for Northern Rock for a year from 1 November 2010. "We have achieved a great deal together at Northern Rock in the last couple of years in the best interests...
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