RESTON, Va., Dec. 14 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM) announced that its Board of Directors has added the Chief Executive
Officer title and responsibilities to its Executive Chairman Albert L.
Lord. C.E. Andrews, the previous CEO, will assume the role of President.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
Mr. Lord has served as Chairman of the Board of Sallie Mae since March
2005. Prior to that appointment, Mr. Lord served as the company's Vice
Chairman and Chief Executive Officer, beginning in 1997. During his tenure
as CEO, the company delivered at least 15-percent growth in earnings per
share each year, and quadrupled its market capitalization. Under Mr. Lord's
leadership, the company was also recognized for its high standards of
corporate governance and employment practices.
Mr. Lord held various executive officer positions with Sallie Mae from
1981 to 1994. In 1995, he rejoined Sallie Mae as an independent director,
and subsequently led a successful proxy contest to restore shareholder
value.
"After the distractions of the last several months, the Board of
Directors is pleased to have Al Lord serve again as the company's CEO,"
said Alex Porter, Director. "He brings stability of leadership and vision
to Salle Mae during a challenging environment in the financial markets. He
has a record of providing strong results to shareholders and customers.
"The Board and Sallie Mae management look forward to focusing our
attention and efforts on helping students save and pay for college."
Mr. Porter added, "The Board would also like to thank C.E. Andrews for
his leadership during the challenges of the past seven months, and looks
forward to working with Al, C.E. and the rest of the executive leadership
team to grow Sallie Mae's industry-leading position."
In addition, Sallie Mae announced that Mr. Lord today sold 1.2 million
shares of SLM common stock, approximately 10 percent of his equity units,
on the open market. This action was required under Mr. Lord's borrowing
arrangements. Sallie Mae opened its trading window for directors and
executive officers today for the first time since discussions with the J.C.
Flowers group in March 2007. After the sale, Mr. Lord owns approximately
340,000 SLM shares and share units, and holds stock options and
appreciation rights, at various exercise prices, covering approximately 10
million SLM shares.
"This stock sale has been painful, and was dictated by the specific
terms of my securities account," said Mr. Lord. "I uniquely identify with
shareholders' disappointment and frustration with this transaction. I have
spent most of the past 26 years at Sallie Mae. Our Board, our management
and I are determined to deliver the type of earnings growth and shareholder
value that we have consistently achieved for the 10 years before this
deal."
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 more than $160 billion in education loans and serves nearly
10 million student and parent customers. Through its Upromise affiliates,
the company also manages $15 billion in 529 college-savings plans, and
assists 7.5 million members with automatic savings through rebates on
everyday purchases. 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. SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
SOURCE Sallie Mae
 back to top
Related links:
http://www.salliemae.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
|
