---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-23-003689"
form_type: "8-K"
ticker: "SLM"
cik: "0001032033"
company_name: "SLM Corp"
filed_at: "2023-03-03T23:59:59+00:00"
generated_at: "2026-06-18T12:40:54.836340+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-23-003689
- form_type: 8-K
- ticker: SLM
- cik: 0001032033
- company_name: SLM Corp
- filed_at: 2023-03-03T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1032033/000095010323003689/0000950103-23-003689-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1032033/000095010323003689/dp190125_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-23-003689
- JSON: https://secwatch.observer/filing/0000950103-23-003689.json
- Plain text: https://secwatch.observer/filing/0000950103-23-003689.txt

## Key facts
- Executive change
  Steven J. McGarry departed as Chief Financial Officer at SLM Corp.
  - Action: retire
  - Role: Chief Financial Officer
  source text: Mr. McGarry will retire as Chief Financial Officer and resign as an employee of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1032033/000095010323003689/0000950103-23-003689-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.