Sallie Mae Elects New Chairman

Sallie Mae has appointed Anthony Terracciano chairman of its board. Former Sallie Mae Chairman Albert Lord, who held the chairman title for three weeks, has been appointed vice chairman and will remain chief executive officer of the company. Terracciano served as the former president of First Union Corp., which is now Wachovia, chairman and CEO of First Fidelity Bank Corp., president and chief operating officer of Mellon Bank, among other positions. John Remondi, who most recently served as portfolio manager at investment manager Par Capital Management, has rejoined Sallie Mae as vice chairman and chief financial officer. Remondi originally joined the student loan lender in 1999. In another highlight for the company, Sallie Mae has come out with its first FFELP student loan deal for 2008, SLM Student Loan Trust 2008-1.