Sallie Mae Chief Financial Officer Steve McGarry Enters into Retention Agreement with the Company

Rhea-AI Summary

Sallie Mae (Nasdaq: SLM) announced that CFO Steven J. McGarry will continue in his role until February 2024 as part of a retention agreement during his transition to retirement. McGarry has been with the company since 1997, holding the CFO position for the past nine years. His leadership has been crucial in transforming Sallie Mae from a government-sponsored entity to a private market leader in student lending. The company is currently searching for McGarry's successor. CEO Jon Witter praised McGarry's contributions, emphasizing his strategic vision and commitment to financial discipline.

Positive

• Steven J. McGarry remains CFO until February 2024, ensuring a stable transition period.
• McGarry's leadership has been pivotal in Sallie Mae's evolution and success as a private student lender.

Negative

• None.

Remains as CFO Through Early 2024 to Facilitate Successful Transition Upon His Retirement

NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae (Nasdaq: SLM), formally SLM Corporation, announced today that Steven J. McGarry, executive vice president and chief financial officer, has entered into a retention agreement with the company. He will remain an employee of Sallie Mae and continue to serve as CFO through February 2024 when he plans to retire. During this time, McGarry will assist with the selection of the next CFO and will facilitate the orderly transition of the role to his successor.

McGarry joined Sallie Mae in 1997 as a director of investments and has served in a variety of financial roles during his more than 25 years tenure at the company. McGarry has served as CFO for nine years and has been the lead financial spokesperson for the company while overseeing finance, accounting, treasury activities, as well as equity and fixed-income investor relations. He was instrumental in the evolution of Sallie Mae from a government-sponsored enterprise to a private company, including the establishment of Sallie Mae Bank as well as the company’s role today as the market leader for private student lending.

“Steve has been a steady and valued leader at Sallie Mae for nearly three decades,” said Jon Witter, CEO, Sallie Mae. “His strategic vision, sound judgment, and commitment to financial discipline and operational efficiency has helped us consistently deliver for customers and shareholders and has been integral to our company’s success. He’s been a trusted adviser to me, our entire executive leadership team, and our Board of Directors and he will certainly be missed when he retires next year. We wish him the very best.”

The company is conducting an extensive search to identify McGarry’s successor.

Category: Corporate and Financial

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230303005368/en/

Media

Jenn Ruiz

302.476.0101

Jennifer.ruiz@salliemae.com



Investors

Melissa Bronaugh

571.526.2455

Melissa.bronaugh@salliemae.com

Source: Sallie Mae

FAQ

What is the significance of Steven J. McGarry's retention agreement at Sallie Mae?

The retention agreement allows Steven J. McGarry to continue serving as CFO until February 2024, facilitating a smooth transition as he prepares for retirement.

How long has Steven J. McGarry been with Sallie Mae?

Steven J. McGarry has been with Sallie Mae since 1997, marking over 25 years of service.

What role did McGarry play at Sallie Mae?

McGarry served as CFO for nine years, overseeing finance, accounting, and investor relations.

What is Sallie Mae's position in the private student lending market?

Sallie Mae is recognized as the market leader in private student lending.

Who will succeed Steven J. McGarry as CFO of Sallie Mae?

Sallie Mae is currently conducting an extensive search for McGarry's successor.