In his new role, Mr Lord assumes principal executive management responsibility and will continue to serve as chairman of the board. CE Andrews will continue to serve as CEO and report to Mr Lord.
Mr Lord has served as chairman of the board of Sallie Mae since March 2005. Prior to that appointment, Mr Lord served as the company’s vice chairman and CEO, beginning in 1997.
Mr Lord said: I look forward to taking a more active role in working with CE and Sallie Mae’s experienced management team. The company has entered another exciting and challenging period in its 35-year history. Our board and management will work together to continue to grow our business.
