Navient Corporation (NASDAQ: NAVI) announced that its board of directors appointed Edward J. Bramson as president and chief executive officer, effective June 5, 2026. Current CEO David L. Yowan will transition out of his role on the same date but will remain on the board, where he has served since April 2017.

Bramson, 75, will continue serving as board chair while taking on the CEO role. He has served as chief executive officer of seven publicly traded companies across consumer products, electronics and regulated financial services sectors. Bramson co-founded Sherborne Investors Management LP in 1986 and continues as a partner at the turnaround investments firm. He joined Navient's board in 2022 and became chair in 2025.

Larry Klane, a board member since 2019, will serve as lead independent director. Bramson will not receive salary or other compensation for his CEO role in 2026.

The company entered into a nomination agreement with Bramson's Sherborne Group in April 2022. Navient also has a services agreement with Beatrice Associates, which received approximately $868,328 in compensation for its services in 2025. Stephen Welker, a Sherborne Group partner, chairs Beatrice Associates.

Yowan will receive termination benefits under his employment agreement, including an accelerated Management Incentive Plan bonus payment at 100% performance target, payable June 5, 2026.

Board member Jane Thompson, who has served since 2014, will retire following the company's annual meeting expected June 4, 2026. The board authorized reducing its size to six members following Thompson's departure.