Steven J. McGarry to Assume Role for Consumer Banking Business

Company Website: http://www.salliemae.com
NEWARK, Del. -- (Business Wire)

Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today announced the appointment of Steven McGarry as executive vice president and chief financial officer of the future holding company of Sallie Mae Bank. The appointment will take effect upon the separation of the consumer banking and loan management, servicing and asset recovery businesses.

“I am delighted to welcome Steve to the executive management team of the new Sallie Mae,” said Raymond Quinlan, current vice chairman of Sallie Mae who will assume the roles of Executive Chairman of the Board and Chief Executive Officer upon the company’s transition to a stand-alone consumer banking business. “His broad experience within our finance operation, his mastery of our business and his deep industry knowledge make him the ideal candidate as we grow and diversify our business.”

Most recently, Mr. McGarry was senior vice president, corporate finance, with responsibility for all of the company’s funding activities as well as the management of the corporation’s rating agency relationships and equity and fixed income investor relations. He joined the company’s corporate finance team in 1997. Prior to joining Sallie Mae, Mr. McGarry held treasury positions with Toronto Dominion Bank in both London and New York.

Mr. McGarry received a Bachelor of Arts degree in economics from Stony Brook University and a Master of Business Administration in finance from New York University.

Sallie Mae (NASDAQ: SLM) 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 American families, today serving more than 25 million customers. With products and services that include Upromise rewards, scholarship search and planning 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.

Contacts:

Sallie Mae
Media:
Patricia Nash Christel, 302-283-4076
patricia.christel@SallieMae.com
or
Martha Holler, 302-283-4036
martha.holler@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
joe.fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
steven.j.mcgarry@SallieMae.com

Source: Sallie Mae