Sandler will join the closed-book insurer to oversee its restructuring.
Sandler was appointed to oversee Northern Rock’s rehabilitation last year. He is praised for having saved Lloyds of London in the mid 1990’s.
Pearl is set to list on the London Stock Exchange this year after a huge debt restructuring.
Pearl founder Hugh Osmond will remain vice-chairman of the group and chief executive Jonathan Moss and finance director Simon Smith will continue in their roles after the appointment.