City Director Gets New Job

05 November 2010 12:27
NBNK Job for Gary Hoffman As expected, Coventry City FC Director Gary Hoffman has quit his role as CEO of the nationalised Northern Rock Bank to join NBNKInvestments PLC (NBNK.LN).NBNK is a vehicle set up by two London financial-sector businesses whose role is to buy U.K. banking assets. As part of Gary Hoffman joining them, NMNK have said in a statement that they would not bid for Northern Rock for a period of a year.Mr Hoffman, who is a long time member of the Coventry City London Supporters Club, took over at Northern Rock in October 2008 and he has overseen the splitting of the bank into good and bad banks with the bad section being wound down. Gary Hoffman (right)The bank has since been split into a "good" bank called Northern Rock PLCthat holds the its deposits and some existing mortgages, and a "bad" bankcalled Northern Rock Asset Management PLC holding mortgages that will begradually wound down. NBNK's chairman and also chairman of Lloyds Of London Peter Levene said in a statement about Mr Hoffman's appointment: "The appointment of a chief executive marks a major step forward for the company and evidences our progress towards building a major new retail banking business. Mr Hoffman's role at Coventry City FC is unlikely to be affected due to the his new position.Picture copyright of Covsupport News Service. Credit CNS/SB