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Northern Rock will pay Gary Hoffman, its new arch executive, £1.1m a
year additional a benefit for his aboriginal three years in the job,
afterwards adorable him from Barclays.
The nationalised coffer said Mr Hoffman would accept a bacon of
£700,000 a year additional three annual payments of £400,000 to atone
him for abrogation Barclays' abiding allurement plans. The accord will
accomplish him the country's best-paid accessible servant.
Mr Hoffman will accompany on 1 October if Ron Sandler, the
bank's chairman, will duke over controlling responsibilities to him.
The 47-year-old is currently vice-chairman at Barclays.
Mr Hoffman has been out of hands-on cyberbanking at Barclays
back acceptable vice-chairman amenable for affairs such as accumulated
sustainability, accessible action and governance. He has formed at
Barclays back 1982.
Mr Hoffman's bacon endure year at Barclays was £625,000,
admitting his balance were additional by a benefit and added allowances
to £1.15m.He will acquire a abate bacon than Mr Sandler has pocketed
back demography over in February. The chairman's £90,000-a-month accord
will be advised afterwards he easily over the controlling reins to Mr
Hoffman.
Mr Sandler said: "This is a above footfall advanced for
Northern Rock and I am captivated that Gary will accompany the Lath as
CEO. His skills, acquaintance and all-embracing clue almanac accomplish
him an outstanding applicant for the role."
Mr Hoffman's capital job will be to run the halving of Northern
Rock's accommodation book to about £50bn so that the coffer can accord
the Coffer of England's loan. He will aswell accept to administer the
deepening superior of the bank's accommodation book as defaults rise,
and baby-sit the slashing of 2,000 jobs, which is already beneath way.
Andy Kuipers, the accepted arch executive, will leave next
month. The Dutch above business arch has been on a rollercoaster ride
back the coffer accustomed Coffer of England abutment in September. He
was ousted from the lath in November, alone to be fabricated arch
controlling beneath than a ages later.
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