Sallie Mae Announces Retirement of Albert L. Lord, Effective December 2013

  Sallie Mae Announces Retirement of Albert L. Lord, Effective December 2013

Business Wire

NEWARK, Del. -- November 19, 2012

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 candidates.

“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 growth.”

Mr. Lord began his career with Sallie Mae 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 hisimportant role in guiding the companythrough 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.

Contact:

Sallie Mae
Media:
Martha Holler, 302-283-4036
martha.holler@salliemae.com
or
Patricia Nash Christel, 302-283-4076
patricia.christel@salliemae.com
or
Investors:
Steve McGarry, 302-283-4074
steven.j.mcgarry@salliemae.com
or
Joe Fisher, 302-283-4075
joe.fisher@salliemae.com
 
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