Sallie Mae / SLM
Arnold Hernandez, national spokesman for The Sallie Mae Fund's Paying for College Tour, meets with students around the country to talk about the opportunity to go to college. (Photo: Courtesy of company.)
About Sallie Mae
12061 Bluemont Way, Reston, Va. 20190
www.salliemae.com
| 703-810-3000
| Founded: 1972
Industry: Financial Services | Category: Top 100 Companies
After several years of acquisitions and after ending long-standing partnerships with several of the nation's largest banks, 2005 was a year of internal growth for Sallie Mae. Loan originations by its own brands rose 45 percent, accounting for $9.1 billion of the company's $21 billion in new loans.
The company also had to deal with a flood of student loan consolidations, triggered by historically low interest rates and clarification of federal rules that allowed students, including some still in school, to lock in low, fixed rates for as long as 30 years. Profit margins on such consolidated loans are lower than on some other loans, but they become a long-lived asset providing a steady flow of income over many years.
Some 62 percent of the company's $123 billion loan portfolio is now consolidated.
SLM made an acquisition last year, buying GRP Financial Services, a White Plains, N.Y., specialty finance company that purchases and "resolves" troubled mortgage loans.
Also last year, Albert L. Lord, who had been chief executive, was elected chairman, and Thomas J. "Tim" Fitzpatrick moved up to CEO from president. And in February 2006, the company named C.E. Andrews chief financial officer.
Chairman: Albert L. Lord
President: C.E. Andrews
2007 Financial Data
Total employees: 10,472 | Local employees: 914Company Leadership
| Thomas J. Fitzpatrick | CEO |
| Albert L. Lord | Chairman, former CEO |
| John F. Whorley | EVP |
| June M. McCormack | EVP |
| Kevin Moehn | EVP |
| C.E. Andrews | CFO |
Source: S&P's Capital IQ
|
Thomas J. Fitzpatrick CEO |
$39,629,325 Salary: $682,500 |
|
Albert L. Lord Chairman, former CEO |
$9,630,773 Salary: $392,500 |
|
John F. Whorley EVP |
$2,305,904 Salary: $325,000 |
|
June M. McCormack EVP |
$2,272,673 Salary: $340,865 |
|
Kevin Moehn EVP |
$2,229,262 Salary: $300,000 |
|
C.E. Andrews CFO |
$1,169,869 Salary: $362,500 |
Did You Know
Though founded in 1972 as the government-sponsored Student Loan Marketing Association to provide a secondary market for government-guaranteed student loans, SLM has shed its government ties and become a private education financial services firm. Still known by its longtime nickname, Sallie Mae, it now originates, buys and services not only government-guaranteed student loans, but also private loans for students and parents from kindergarten through college.
