Sallie Mae (NASDAQ: SLM) announced the appointment of Chief Financial Officer Peter Graham and Chief Operational Officer Kerri Palmer as co-presidents of the company. Both executives will report to Chief Executive Officer Jon Witter and will oversee the company's commercial businesses within their respective areas.

Graham has served as executive vice president and chief financial officer since 2023, overseeing finance, accounting, treasury activities, and investor relations. In his expanded role as co-president and chief financial officer, Graham will also oversee strategic partnerships and emerging lines of business.

Palmer has served as executive vice president, chief operational officer, and president of Sallie Mae Bank since 2023. She previously held roles as chief risk officer and chief risk and compliance officer. As co-president and head of financial services, Palmer will lead the company's private education loan business and credit and operations functions.

The leadership changes follow the recent retirement of the company's chief commercial officer. Graham and Palmer will partner to ensure alignment and execution of the company's strategy, according to the press release.

"Pete and Kerri are exceptional leaders with deep experience who are helping drive our strong performance and disciplined growth strategy," said Witter in a statement. "As CEO, I remain fully focused on leading the company, and these appointments will further strengthen our ability to execute our strategy with depth and continuity as we deliver for our customers and shareholders."

The appointments reflect the company's commitment to providing growth opportunities for its leaders to support long-term organizational success, the company stated.