Sallie Mae 2007 Annual Report Download - page 113
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Daley, a director, sold approximately 80,023 shares of our common stock or approximately 68 percent of the
common stock that he owned before the sale. Messrs. Lord and Daley have advised us that these actions were
required under their respective borrowing arrangements.
On December 19, 2007, the Corporation and Mr. Moehn agreed on the terms and conditions of a
separation agreement. The material terms of the separation agreement are detailed in the Company’s Form 8-K
filed with the SEC on December 26, 2007.
On December 22, 2007, the Company and Ms. McCormack agreed on the terms and conditions of a
separation agreement. The material terms of the separation agreement are detailed in the Company’s Form 8-K
filed with the SEC on December 28, 2007.
On January 7, 2008, the Board of Directors of the Company appointed Anthony P. Terracciano as
Chairman of the Board. Mr. Terracciano was also appointed Chairman of the Executive Committee of the
Board. Albert L. Lord was appointed Vice Chairman of the Board and its Executive Committee and continues
to serve as Chief Executive Officer. In addition, the Board announced the appointment of John (Jack) F.
Remondi as Vice Chairman and Chief Financial Officer, effective January 8, 2008.
On January 17, 2008, the SEC requested that the Company provide information and documents regarding
disclosures and actions taken by the Company in December 2007 before and after stock sales of SLM
Corporation common stock by Company directors and executives. We are cooperating with the SEC in order
to provide the requested information and documents.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
See Note 2 to the consolidated financial statements, “Significant Accounting Policies — Recently Issued
Accounting Pronouncements.”
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