|[November 19, 2012]
Sallie Mae Announces Retirement of Albert L. Lord, Effective December 2013
NEWARK, Del. --(Business Wire)--
Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today announced that
after service spanning more than 30 years, its Vice Chairman and Chief
Executive Officer Albert L. Lord will retire as CEO, Vice Chairman and
Director, effective Dec. 31, 2013. Sallie Mae's Board of Directors has
appointed a search committee to facilitate an effective transition and
consider identified internal candidates, as well as qualified external
"My years at Sallie Mae have been many and never lacked for excitement
or challenges," said Albert L. Lord, Vice Chairman & CEO. "Together with
my many associates over these years, we have accomplished much, and I
take pride that we do student lending the way it should be done.
Notwithstanding the devastating financial crisis of 2008/2009, Sallie
Mae emerged with significantly greater financial strength and a major
league roster of key managers across the company. Our capital strength
and strong cash earnings brighten Sallie Mae's future. In the months
through 2013, I will work with my management team to continue our
Mr. Lord began his career with Sallie ae in 1981 as its Controller,
eight years after Sallie Mae's creation as a federally chartered entity
created to provide expanded access to education loans. He has also
served as Chairman of the Board and in various executive positions at
the company, including Chief Financial Officer and Chief Operating
Officer. Mr. Lord returned to the company in a successful proxy contest
and was central in efforts to privatize Sallie Mae in 1997 and its
diversification into private education loans. Today, Sallie Mae serves
over 25 million customers, has assets of $175 billion and offers
products and services including college savings programs, scholarship
search tools, education loans, tuition insurance, and online banking to
help students and their parents save, plan, and pay for college. The
company also provides financial services to hundreds of colleges,
federal and state governments.
Sallie Mae's Board of Directors acknowledges their deep gratitude to Mr.
Lord for his long and tireless commitment to Sallie Mae, his return to
the company as Chief Executive Officer to lead Sallie Mae through the
2008 financial crisis, and his important role in guiding the
company through the transition to new leadership.
Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services
company specializing in education. Whether college is a long way off or
just around the corner, Sallie Mae turns education dreams into reality
for its 25 million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search tools,
education loans, insurance, and online banking, Sallie Mae offers
solutions that help families save, plan, and pay for college. Sallie Mae
also provides financial services to hundreds of college campuses as well
as to federal and state governments. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
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