Sallie Mae To Separate Consumer Banking Biz In Split

Law360, New York (May 29, 2013, 9:03 PM EDT) -- Student lender Sallie Mae will separate into an education loan management business and a consumer banking business, the formerly government-sponsored enterprise announced Wednesday, saying it had named its chief operating officer as CEO of the student loan company.

The lender said in a statement that it was dividing its operations into two distinct public companies in order to “unlock value and enhance long-term growth potential." COO John Remondi is taking over from Sallie Mae's retiring chief Albert Lord, and Joseph DePaulo, its executive vice president of...
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