RESTON, Va., March 4, 2008—Sallie Mae (NYSE: SLM), the nation’s leading saving- and paying-for-college company, today announced that it has appointed John (Jack) Hewes executive vice president and chief credit officer. In this newly created role, Hewes will oversee the company’s private student loan underwriting policies and credit risk management.
Hewes spent the last 22 years of his career at MBNA, the world’s largest independent credit card issuer, where he led the consumer finance and business lending divisions.
“This is a critical role for the company. We enthusiastically add Jack to our executive management team,” said Albert Lord, CEO. “Asset quality is key to our success, and Jack has the experience to ensure we grow through sound, profitable lending practices.”
The company also announced that Jonathan Clark will join Sallie Mae as senior vice president, corporate finance. He will lead the company’s unsecured debt issuance and treasury operations, and assist the asset-backed securitization team. Clark comes to Sallie Mae from Credit Suisse, where he built one of the premier finance teams serving the student loan industry. He has also worked at several financial services companies, including Prudential Securities, First Boston and Dean Witter, and Hewlett Packard.
“Jon brings extensive knowledge of our industry and direct experience in student loan financing,” said Jack Remondi, vice chairman and CFO. “I am pleased to welcome him to our team.”
For more information contact:
Tom Joyce (703) 984-5610 (media)
Steve McGarry (703) 984-6746 (investor)
SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, is the nation’s leading saving, planning and paying for education company. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $176 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 11 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $23 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, student loan guarantors and state and federal agencies. More information is available at
www.SallieMae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.