Sallie Mae Names New Chairman, Shares Surge

Student lender SLM, known as Sallie Mae, said Monday it appointed banking veteran Anthony Terracciano as chairman and former Sallie Mae executive John Remondi as chief financial officer.

Albert Lord will continue as Sallie Mae's chief executive and has been appointed vice chairman, the company said.

Terracciano previously held numerous bank executive roles including president of First Union, chief executive of First Fidelity Bank and chief operating officer of Mellon Bank.

Remondi joined Sallie Mae in 1999 but most recently was portfolio manager at Par Capital Management, a Boston-based investment management firm.

Sallie Mae is embroiled in a court battle with a consortium that agreed to buy the student lender for $25 billion, or $60 a share, in cash last April but later said it wanted to terminate the transaction.

Sallie Mae's shares have since plummeted, closing on Friday at $16.67.

Sallie Mae also said on Monday it will release 2007 fourth-quarter and full-year earnings on Jan. 23.