Sallie Mae CFO Steve McGarry to retire by Feb 2024; retention agreement signed, base salary raised to $700K

SLM Corp

CFO Steven J. McGarry will remain through February 2024 to assist with successor selection and transition.
Base salary increased to $700,000; retention bonus of $1.75 million subject to performance and release conditions.
McGarry will not receive severance under the Executive Severance Plan upon retirement.
Company has begun an extensive search for next CFO.

item 5.02 item 9.01

Executive movements

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Departed

Steven J. McGarry

Chief Financial Officer

SLM · SLM Corp

Effective: 2024-02-29
Filed: March 3, 2023, 6:59 PM ET

Mr. McGarry will retire as Chief Financial Officer and resign as an employee of the Company on the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Steven J. McGarry departed as Chief Financial Officer at SLM Corp.

Action: retire
Role: Chief Financial Officer

Exact text from the filing

Mr. McGarry will retire as Chief Financial Officer and resign as an employee of the Company on the Effective Date.

View on SEC.gov

SLM Corp filing history →

Source: SEC EDGAR

accession 0000950103-23-003689

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