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Paul Williamson is from Deloitte »It can't have been the easiest recruitment job in the world, but Northern Rock chairman Ron Sandler got his man today when he named Barclays director Gary Hoffman as the bank's new chief executive.
Hats off to Mr Sandler for recruiting an experienced chief who, on the face of it, seems to be an ideal pair of hands to take charge over the difficult weeks and months ahead.
Mr Hoffman has been at Barclays since the early 1980s, during which time he has held a number of senior posts with the bank including chairman of UK banking and chairman and chief executive of Barclaycard.
He has also been responsible for "protecting and enhancing" Barclays' reputation in his current role as vice-chairman, so he should have some skills which will come in handy in his new job in Newcastle.
Given Northern Rock's nationalised status, much will inevitably be made in the national press of the salary Mr Hoffman will command in his new role. In reality, however, £700,000 hardly seems an excessive package for such a senior and challenging post.
After such a long spell with one company, this move looks like a bit of a gamble for Mr Hoffman. He obviously thinks that it is worth the risk and, certainly, his reputation will be extremely enhanced if he proves capable of transforming the Rock's fortunes. Everyone in the North East will wish him well in the challenges that lay ahead.
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