Sallie Mae plans to split into two separate, publicly traded companies. The student loan giant also named John Remondi as its CEO.
Sallie Mae, formally named SLM Corp., said Wednesday that the two separate companies – an education loan management business and a consumer banking business – would help unlock value and boost its long-term growth potential.
The education loan management business would include the company’s portfolios of federally guaranteed and private education loans, as well as most related servicing and collection activities. Remondi will continue as its CEO.
