SLM (SLM) Announces Raymond Quinlan to Step Down as Chairman and CEO , Jonathan Witter Named CEO

Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, today announced that effective April 20, 2020, Raymond Quinlan will step down from his role as Chief Executive Officer. Jonathan Witter, currently Chief Customer Officer of Hilton Worldwide Holdings, will succeed Mr. Quinlan as CEO and join the company’s Board of Directors. To support with the transition, Mr. Quinlan will continue to work with Mr. Witter and the company as Chairman of the Board until Sallie Mae’s Annual Meeting of Shareholders, scheduled to take place on June 18, 2020.

Sallie Mae’s Board will appoint a new Chairman in conjunction with Mr. Quinlan’s departure from the Board on June 18, 2020.

Mr. Witter is an industry veteran who brings nearly three decades of executive leadership, banking expertise, and operational management to Sallie Mae. Importantly, Mr. Witter is a strategic leader with a demonstrated ability to improve top- and bottom-line performance, while enhancing customer experience. At Hilton, Mr. Witter has overseen the company’s global brands, marketing, loyalty and partnerships, IT, and strategy teams. Previously, he spent seven years at Capital One as President of Retail and Direct Banking, served as Chief Operating Officer of Morgan Stanley’s Retail Banking Group, and was Executive Vice President and Head of General Bank Distribution at Wachovia.

Mr. Witter said, “I am excited to assume the role as Sallie Mae’s next CEO. Sallie Mae has a rich history of helping students build prosperous futures and, as their needs grow and change, we will be there to support them. I look forward to working closely with the Board, management team, and talented employees to leverage the company’s momentum and competitive position to realize the value inherent in Sallie Mae.”

“Today’s announcement is the culmination of a thoughtful succession planning process to ensure that Sallie Mae is best positioned to continue delivering sustainable long-term value creation,” said Paul Child, Lead Independent Director of the Board. “The Board carefully evaluated a number of highly qualified individuals and concluded that Jon is the best candidate to be the next CEO of Sallie Mae. Jon is an experienced financial services executive with a strong track record of operational excellence and customer engagement. We look forward to an exciting new chapter for Sallie Mae under Jon’s leadership.”

Mr. Child continued, “Ray has been successful in managing the company’s efforts to build a market-leading brand, expand Sallie Mae’s products and offerings, and create a culture of exceptional service. The Board is grateful for his numerous contributions and appreciates that he will provide counsel and assistance during the upcoming transition period.”

“It has been a great privilege to lead Sallie Mae for over six years, and I am proud of what we have accomplished and how well-positioned the company is for continued success,” said Mr. Quinlan. “Together, we have established Sallie Mae as an industry leader with an important mission – providing millions of students with access and opportunity through higher education. I am confident it’s the right time to transition the company to its next generation of leadership, and that under Jon, Sallie Mae will continue to perform and deliver on its long-term growth plans.”

About Jonathan Witter

Jonathan Witter has served as Executive Vice President and Chief Customer Officer of Hilton Worldwide Holdings since April 2017. From 2010 to 2017, Mr. Witter held numerous roles at Capital One Financial Corporation, including President, Retail and Direct Banking, Executive Vice President in Retail Banking and President, Retail and Small Business Banking. Prior to joining Capital One, Mr. Witter held various leadership roles including, Chief Operating Officer of Morgan Stanley’s Retail Banking Group, Executive Vice President and Head of General Bank Distribution at Wachovia (now Wells Fargo & Company).

Mr. Witter holds an MBA in finance and entrepreneurial management from The Wharton School and a bachelor’s degree in economics from Vanderbilt University.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to help make college happen and offer products and resources to help customers make new goals and experiences, beyond college, possible. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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