Sallie Mae (SLM: Quote), formally SLM Corporation, announced that its Vice Chairman and Chief Executive Officer or CEO Albert Lord will retire as CEO, Vice Chairman and Director, effective Dec. 31, 2013.
Sallie Mae said that its Board of Directors has appointed a search committee to facilitate an effective transition and consider identified internal candidates, as well as qualified external candidates.
Commenting on Lord, the company stated that he 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.
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, the company said.
Sallie Mae's Board of Directors acknowledges their deep gratitude to 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.
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by RTT Staff Writer
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