NEWARK, Del.--(BUSINESS WIRE)--
Sallie Mae (NASDAQ: SLM), formally SLM Corporation, announced today that
its board of directors has scheduled June 25, 2014, as the date for its
2014 Annual Meeting of Shareholders. The meeting will take place at 11
a.m., EDT, at Sallie Mae’s headquarters at 300 Continental Drive,
Newark, Del. Shareholders of record on April 30, 2014, may vote at the
The date of the Annual Meeting, which is later than in previous years,
has been set to better accommodate the anticipated completion of the
previously announced spin-off of Sallie Mae’s education loan management
business, or “NewCo.”
The company also announced that, in contemplation of the strategic
separation, the following incumbent members of the Sallie Mae board of
directors have been appointed to the board of directors of NewCo,
currently a Sallie Mae subsidiary: Ann Torre Bates, William M.
Diefenderfer III, Diane Suitt Gilleland, Barry A. Munitz, Steven L.
Shapiro, Barry Lawson Williams, and Sallie Mae President and Chief
Executive Officer Jack Remondi.
After the separation, “SLM BankCo” as successor of Sallie Mae and
holding company of Sallie Mae’s consumer banking business will conduct
the 2014 Annual Meeting of Shareholders. At this time, it is expected
Sallie Mae incumbent directors Frank C. Puleo, Earl A. Goode, Ronald F.
Hunt and Raymond Quinlan, who will serve as executive chairman of the
board, will remain on the SLM BankCo board. A number of incumbent
directors of the Sallie Mae Bank board of directors will likely be
appointed to the SLM BankCo board of directors prior to the spin-off.
Up to two additional individuals with relevant industry experience are
expected to be appointed to each company’s initial board of directors.
Upon completion of the separation, the NewCo directors will resign from
all positions they hold at SLM BankCo or Sallie Mae Bank. NewCo and SLM
BankCo will have no common directors following the separation.
About Sallie Mae
Sallie Mae is the nation’s No. 1 financial services company specializing
in education. Whether college is a long way off or just around the
corner, Sallie Mae turns education dreams into reality for its 25
million customers. With products and services that include Upromise
rewards, scholarship search 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.
This press release contains “forward-looking statements” and information
based on management’s current expectations as of the date of this
release, including the planned separation of Sallie Mae’s education loan
management business and the expected members of the board of directors
of SLM BankCo and NewCo. Statements that are not historical facts,
including statements about Sallie Mae’s beliefs or expectations and
statements that assume or are dependent upon future events, are
forward-looking statements. Forward-looking statements are subject to
risks, uncertainties, assumptions and other factors that may cause
actual results to be materially different from those reflected in such
forward-looking statements. All forward-looking statements contained in
this release are qualified by these cautionary statements and are made
only as of the date of this release. Sallie Mae does not undertake any
obligation to update or revise these forward-looking statements to
conform the statements to changes in its expectations except as required
by law. In addition, the planned separation transaction and the terms,
details, asset allocations, timing and implementation are all subject to
change as Sallie Mae continues to consider, analyze and work on that
Patricia Nash Christel, 302-283-4076
Source: Sallie Mae