Sallie Mae chief abruptly resigns

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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets on
{{ count_down }}