Sallie Mae chief abruptly resigns

May 23, 2007
Sallie Mae parent SLM Corp. said late yesterday that CEO Thomas J. "Tim" Fitzpatrick had resigned and would be replaced by Executive Vice President and Chief Financial Officer C.E. Andrews.

News outlets including The Wall Street Journal and Reuters reported that directors of the Reston, Va., student loan giant felt a fresh start was needed to convince Congress to approve its pending $25 billion acquisition by an investor group led by private equity firm J.C. Flowers & Co.

Sallie Mae employs 2,300 workers in Fishers and another 500 in Muncie.
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