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Sallie Names New Chairman

The reeling student lender again splits its CEO and chairman roles.
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Beleaguered student lender

Sallie Mae

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on Monday named a new chairman and CFO.

Anthony Terracciano, who has served as a top executive at several major banks, will serve as chairman. CEO Albert Lord, who had temporarily served as chairman, will serve as vice chairman. The company said it has split the CEO and chairman roles for 35 years, save for Lord's three-week stint as chairman.

"In a variety of chief executive and board leadership roles, Mr. Terracciano has a long and successful track record of delivering on his commitments to shareholders," Lord said in a company statement. "When I asked the board to consider returning to a split of the chairman and chief executive positions, Tony was the logical choice to lead the board."

Terracciano has served as president of First Union, now known as


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; chairman and CEO of First Fidelity Bank; president and COO of Mellon Bank, now

Bank of New York Mellon

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; vice chairman of Chase Manhattan Bank, now

JPMorgan Chase

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; and non-executive chairman of both Dime Bank and Riggs National Bank.

John Remondi, a former Sallie executive and now a portfolio manager at the Boston-based investment company Par Capital Management, will return to the lender as CFO and vice chairman.

Sallie is coming off a trying 2007. The company recently

raised $2.5 billion to honor ill-timed commitments to buy back its own stock, after a $25 billion buyout bid by a group led by the private-equity giant J.C. Flowers

fell through. The company's dividend

also is in question, as other student loan players such as

First Marblehead


have already cut theirs.

This article was written by a staff member of