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Northern Rock appoints new chief executive

Northern Rock has appointed Barclays group vice-chairman and executive director Gary Hoffman as its new chief executive officer.

Hoffman will join the lender on 1 October 2008.

As a result of this appointment, Northern Rock’s current CEO Andy Kuipers will leave the company on 31 August and Ron Sandler will become non executive chairman.

Hoffman has been an executive director of Barclays for the last four years and became group vice chairman in 2006.

Sandler says: “This is a major step forward for Northern Rock and I am delighted that Gary will join the Board as CEO. His skills, experience and overall track record make him an outstanding candidate for the role. Gary further strengthens our Executive team and he will provide the leadership to deliver our business plan and take the Company forward. I very much look forward to working with him.”

“Andy became CEO in extremely difficult circumstances and he has performed the role admirably during his time in office. On behalf of all at Northern Rock, I would like to thank him for his outstanding contribution to the Company over 20 years of service. He has my very best wishes for the future.”

Hoffman says: “This is an exciting opportunity for me. Northern Rock enjoys strong local roots and community support, an extensive customer base, and an extremely loyal set of employees who have been through a great deal recently. 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.”

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