Student lender SLM -- better known as Sallie Mae -- said Friday that its executive chairman Albert Lord will take on the extra role of chief executive officer.
C.E. Andrews, the previous CEO, will assume the role of president.
The company's shares slipped less than 1 percent in after-hours trade, after having closed down 4.10 percent, at $26.69 on the New York Stock Exchange.
On Wednesday, the student lender said a consortium led by private equity firm J.C. Flowers refused to renegotiate a disputed $25 billion agreement to buy Sallie Mae.