Sallie Mae Announces Executive Management Changes

  Sallie Mae Announces Executive Management Changes

Business Wire

NEWARK, Del. -- February 22, 2013

Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today announced that
Joseph A. DePaulo has been named to the new position of Executive Vice
President, Banking and Finance. Most recently, Mr. DePaulo served as Sallie
Mae’s Executive Vice President & Chief Marketing Officer, a position he has
held since joining Sallie Mae in 2009.

Mr. DePaulo, who has 25 years in the consumer banking industry with MBNA,
previously co-founded and served as Chief Executive Officer of Credit One
Financial Solutions. At MBNA he served in various senior credit, marketing,
corporate development and acquisition roles in the U.S. and Europe. Mr.
DePaulo’s appointment is part of Sallie Mae’s broader focus on further
distinguishing its private education loan and consumer finance businesses from
its Federal Family Education and Direct Student Loan program funding and
servicing activities.

“Joe has wide consumer finance experience,” said Albert L. Lord, vice chairman
and CEO. “Now as Sallie Mae increases its focus on growing and financing its
private credit products and banking franchise, Joe brings valuable insight and
leadership to our strong finance organization. Jack Remondi continues as our
President & Chief Operating Officer, driving operating efficiency in our
business services and legacy operations. We continue to develop a strong,
diversified management team that can focus on the increasingly separate
aspects of our business.”

Mr. DePaulo will succeed Jonathan C. Clark as the company’s principal
financial officer. Mr. Clark joined Sallie Mae in 2008 as Senior Vice
President, Corporate Finance and was appointed Executive Vice President &
Chief Financial Officer in January 2011. Mr. Clark will depart the company at
the end of March.

Mr. Lord added, “Jon helped navigate us through the turbulence of the
financial crisis in 2008-9. He significantly reduced our unsecured debt
levels, helped equity capital and reestablished us as a major player in the
securitization market. I thank Jon for all of his contributions and wish him
well in his future endeavors.”

Sallie Mae(NASDAQ: SLM) is the nation’s No. 1 financial services company
specializing in education. Celebrating 40 years of making a difference, Sallie
Mae continues to turn education dreams into reality for American families,
today serving 25million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search and planning
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
Nikki Lavoie, 302-283-4057
Nikki.Lavoie@SallieMae.com
or
Investors:
Steven McGarry, 302-283-4074
Steven.M.McGarry@SallieMae.com
or
Joe Fisher, 302-283-4075
Joe.Fisher@SallieMae.com