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Northern Rock Chief Executive U turn

EX NORTHERN Rock chief executive Gary Hoffman has given up his right to £350,0000 worth of pay and pension contributions while he is on gardening leave.

Bdaily reported last week that Mr. Hoffman had decided to stand down from his role as Chief Executive Officer (CEO), and from the Board of the Company, with immediate effect.

As part of his entitlement the former Chief Executive , who has left to join NBNK Investments plc “NBNK”) as CEO, was entitled to receive £350,000 worth of pay in addition to pension contributions and by Northern Rock until 30 April 2011.

A Northern Rock spokesperson said. “Gary Hoffman has voluntarily waived his contractual right to be paid salary, pension and benefits for the period of his garden leave.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .