News Summary: Sallie Mae plans to split into 2
Sallie Mae plans to split into 2 separate, publicly traded cos.; names Remondi as its CEO
THE SPLIT: Sallie Mae plans to split into two separate, publicly traded companies. The student loan giant also named John Remondi as its CEO.
THE DETAILS: 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.
WHAT'S AHEAD: Newark, Del.-based Sallie Mae anticipates the split, if given final approval by its board, could be completed within 12 months.
