Gary Hoffman, vice chairman of Barclays, has been appointed as chief executive of Northern Rock on a basic salary of £700,000.
He replaces the last remaining member of Northern Rock’s pre-nationalisation board, Andy Kuipers, who has worked at the bank for 20 years.
Hoffman will receive a basic salary of £700,000, as well as three £400,000 payments as compensation for losing participation in Barclays' long-term incentive plans.
Ron Sandler, executive chairman since the Government took over the failing mortgage lender in February, will become non-executive chairman when Hoffman joins the bank in October.
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