RESTON, Va., May 22 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, announced today that Thomas J. ("Tim")
Fitzpatrick, vice chairman and chief executive officer, will leave the
company and pursue other interests. Over the next few weeks, Mr.
Fitzpatrick will serve the company in an advisory role to facilitate an
effective transition.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a)
The Sallie Mae Board of Directors issued the following statement:
"We thank Tim Fitzpatrick for his many years of leadership and
exemplary service to Sallie Mae. Tim was one of the architects of Sallie
Mae's transformation from a government-sponsored secondary market to a
diversified education finance company, and he played an important role in
the company's operating success over the past 10 years. He has made an
enormous contribution toward establishing Sallie Mae as the industry leader
in serving students and schools. We wish Tim further success in the
future."
The Sallie Mae Board has elected C.E. Andrews, executive vice president
and chief financial officer, as chief executive officer. The Board issued
the following statement on Mr. Andrews' appointment, which is effective May
22:
"C.E. is well versed with the Company's operations and financial
performance and is the ideal candidate to lead Sallie Mae into the next
phase of its history. C.E.'s experience with the company's operations and
financial performance make him the right person to continue and enhance
Sallie Mae's leadership in the educational finance marketplace. We are
pleased that C.E. has agreed to assume this new role."
Last month, an investor group led by J.C. Flowers & Co. signed a
definitive agreement to purchase Sallie Mae. The Sallie Mae Board sought
and received assurances from the Flowers group that Mr. Fitzpatrick's
departure would not impact their plans to proceed with the acquisition.
Mr. Fitzpatrick said, "I am proud of the work we have done at Sallie
Mae, and pleased to be leaving the company at a time when our business is
strong and entering a new phase in its history as a result of the purchase
by the Flowers group. I wish C.E. and all my colleagues at Sallie Mae all
the best in the future."
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $150 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $17 billion in 529 college-savings plans, and over 7.5
million members have joined Upromise to help save for college with rewards
on purchases at nearly 70,000 places. Sallie Mae and its subsidiaries offer
debt management services as well as business and technical products to a
range of business clients, including higher education institutions, student
loan guarantors and state and federal agencies. More information is
available at http://www.salliemae.com and http://www.upromise.com. SLM Corporation and
its subsidiaries are not sponsored by or agencies of the United States of
America.
SOURCE Sallie Mae
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Related links:
http://www.salliemae.com
http://www.upromise.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
AP Archive: http://photoarchive.ap.org PRN Photo Desk
photodesk@prnewswire.com
http://www.prnewswire.com/comp/827187.html/
CONTACT:
Media, Tom Joyce, +1-703-984-5610, or
Investors, Steve McGarry, +1-703-984-6746, both of Sallie Mae
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