New chief executive for Northern Rock

British bank Northern Rock announced the appointment of Barclays director Gary Hoffman as its £700,000(€886,657)-a-year chief executive today.

The 47-year-old joined Barclays in 1982 and has held a number of senior roles, including chief executive and chairman of Barclaycard. His appointment means Northern Rock chairman Ron Sandler will revert to a non-executive role.