|[February 22, 2013]
Sallie Mae Announces Executive Management Changes
NEWARK, Del. --(Business Wire)--
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 prodcts 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 25 million 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.
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