SLM Corp. (SLM) announced Wednesday that its Board of Directors has appointed John F. Remondi chief executive officer, effective immediately. He succeeds Albert L. Lord who is moving up his plans to retire.
The Board also authorized management to pursue separation of the company's existing businesses into two, separate, publicly traded entities. One education loan management business and the other a consumer banking business.
SLM gapped open sharply higher Wednesday and is now up 2.33 at $25.31. The stock has climbed to a new high for the year.
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