The Journal in Newcastle is reporting that the outgoing chief executive of Newcastle-based nationalised bank Northern Rock has bowed to pressure by waiving his salary, pension and benefits for the period of his gardening leave.
Robin Ashby commented : "I'm delighted that Mr Hoffman has taken this sensible decision, which shows his sensitivity to public opinion. Although we do not want our bank taken over by an unknown third party, if that happens and Mr Hoffman again becomes involved with the running of Northern Rock we will be able to have greater confidence in him than if he had trousered the cash."
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