RESTON, Va., Jan. 7, 2008—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that its Board of Directors has appointed Anthony P. Terracciano as Chairman of the Board. Albert L. Lord has been appointed Vice Chairman of the Board and will continue in his capacity as Chief Executive Officer. In addition, the Board also announced the appointment of John (Jack) F. Remondi as Vice Chairman and Chief Financial Officer.

Mr. Terracciano was formerly President of First Union Corporation (now Wachovia), Chairman and Chief Executive Officer of First Fidelity Bank Corporation, President and Chief Operating Officer of Mellon Bank, Vice Chairman of Chase Manhattan Bank, and non-executive Chairman of both The Dime Bank and Riggs National Corporation.

“In a variety of chief executive and board leadership roles, Mr. Terracciano has a long and successful track record of delivering on his commitments to shareholders,” said Mr. Lord. “When I asked the Board to consider returning to a split of the chairman and chief executive positions, Tony was the logical choice to lead the Board.”

Sallie Mae has a 35-year history of separating the Board chair and chief executive roles, with the exception of the recent three-week period during which Mr. Lord held both positions.

“Sallie Mae has a long history of excellent performance. The company plays a crucial role in helping to ensure that our country continues to have the talent it needs to sustain its leadership role in the world. This assignment is a unique opportunity to contribute to a great franchise and to the country,” said Mr. Terracciano.

Mr. Remondi, who joined Sallie Mae in 1999 upon the company’s acquisition of Nellie Mae, was a key player in Sallie Mae’s transformation from a government-sponsored entity to a fully private, retail-focused organization. Most recently, Mr. Remondi was portfolio manager at Par Capital Management, a Boston-based investment management company.

“Jack and I worked well together for six years,” Mr. Lord said. “He is a talented and experienced financial executive who is well known and respected among our debt and equity investors.”

“I am excited to return to Sallie Mae, and I look forward to working with the entire Sallie Mae team to demonstrate the company’s financial strength and franchise value,” said Mr. Remondi.

The company also announced that it will release 2007 fourth-quarter and full-year earnings results prior to the opening of U.S. stock markets on Wednesday, Jan. 23, 2008. Messrs. Terracciano, Lord and Remondi will host a conference for shareholders the same day to discuss the company’s 2007 results and future outlook for 2008, including details regarding projected earnings per share, funding, loan origination strategy and loan loss provisions. Additional meeting details and logistics will be announced in the near future.


For more information contact:

Tom Joyce (703) 984-5610 (media)
Martha Holler (703) 984-5178 (media)
Steve McGarry (703) 984-6746 (investor)