Northern Rock names Hoffman as new chief

Northern Rock has named Barclays vice chairman Gary Hoffman as its new chief executive. He will replace Andy Kuipers from the start of October.

Kuipers will leave the nationalised mortgage lender at the end of August. The appointment will also lead to Ron Sandler, the executive chairman the Treasury drafted in to take charge in February, becoming non-executive chairman when Hoffman takes up his post.

Hoffman has been with Barclays since 1982 and prior to his current role of vice chairman he was head of the Barclaycard credit business and chairman of UK banking.

Hoffman will be in charge of repaying the £25bn Bank of England loan by 2010 and releasing the Government from the £75bn of guarantees it made to Northern Rock when the credit crisis hit the lender.

Northern Rock says Hoffman’s basic annual salary will be £700,000 per annum, plus any entitlements from a new incentive scheme due to start later this year.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here