Northern Rock appoints Barclays Gary Hoffman

Gary Hoffman did not get the chief executive role at Barclays PLC back in 2003, but now Hoffman has now been appointed as chief executive at Northern Rock PLC., the troubled U.K. mortgage lender.

Ron Sandler, Northern Rock Executive Chairman decided to appoint Hoffman as chief executive, he will take on the role from October 1. He comes straight from Barclays; he was their vice-chairman as well as a former chairman of Barclaycard.

Hoffman has been with Barclays since 1982, he also went for the role of chief executive in 2003, but lost out to John Varley.

Mr. Hoffman hopes that he will be able to lead Northern Rock through these troubled times and to help them gain back their strength.

The troubles over at Northern Rock began back in September 2007, as a result of their exposure to capital markets. As a result they were unable to raise funds in the wake of the credit crunch.

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