A Chairman Is Appointed to Rebuild Sallie Mae |
| New York Times - Jan 8, 2008 |
Sallie Mae, the beleaguered student lending giant, on Monday appointed a longtime banking executive as chairman as the company struggles with tighter credit markets and fallout from a failed buyout.
The news gave Sallie Mae, formally known as the SLM Corporation, its biggest lift since April, when its $25 billion buyout was announced. Shares jumped about 7 percent Monday to $17.83.
But shares are down about 70 percent since July when Sallie Mae indicated that the deal was troubled, and is far below the $60 a share offered in the buyout.
Anthony P. Terracciano, who turned around financial firms like Dime Bancorp and First Fidelity Bancorp, will become chairman, succeeding Albert L. Lord, who will stay on as chief executive and will become a vice chairman.
Read Full Article from New York Times
- Posted: 2008-01-08 09:10:01
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