Lord will be vice chairman of the board and remains chief executive officer, Reston, Virginia-based SLM, known as Sallie Mae, said today in a Business Wire statement. John F. Remondi was named vice chairman and chief financial officer.
Lord, 62, served as Sallie Mae's CEO from 1997 to 2005 and resumed the post on Dec. 14, after the collapse of a proposed $25.3 billion takeover by investors including J.C. Flowers & Co.
Sallie Mae has slumped 40 percent in New York Stock Exchange trading since Dec. 13, as Lord has completed a sale of $2.9 billion in shares to pay for stock buybacks and to help improve the company's credit rating.
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