March 4, 2021

Hoffman lined up to take over as chairman of Coventry

The banker who spearheaded Northern Rock through its nationalisation, Gary Hoffman, could be stepping in as the next chairman of the Coventry Building Society.

Hoffman has been chairman of insurer Hastings since the start of 2018, and if he does step into the role, will replace Peter Aycliffe, who has been in place as interim chairman since autumn.

The Coventry is the second largest building society in the UK, with mortgage loans of around £36bn at the end of last year, and in 2017 reported pre-tax profits of £243m.

Sky News this weekend reported a City source, who says that Hoffman has resigned from the board at New York based Visa Inc in order to take on the role at Hastings.

Read more: Insurer Hastings says its debts are a lot lower than rivals such as the AA

Hoffman reportedly has close links to the city of Coventry,as he was born there and attempted a take over of its League Two football club from Sisu capital last year.

The Hastings boss was chief executive of Northern Rock from 2008, before he moved to NBNK Investments for a short period.

He then took over at motor insurance company Hastings, leading it through a public listing before he took on the role of chairman earlier this year.

A spokesperson for Coventry Building Society declined to comment.

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