Sallie Mae adds two new members to its board of directors

NEWARK, Del. - Sallie Mae (NASDAQ:SLM), a leader in private student lending with a market capitalization of $5.85 billion, has expanded its board of directors with the appointment of two new members, Dr. Daniel Greenstein and Mr. Gary Millerchip, effective April 23, 2025. The company, which currently trades at an attractive P/E ratio of 10.26, has shown strong financial performance according to InvestingPro data. The announcement was made based on a press release statement.

Dr. Greenstein brings a wealth of experience in higher education strategy and innovation. His career includes a current role as Managing Director at Baker Tilly (US) since November 2024, and prior positions such as Chancellor of the Pennsylvania State System of Higher Education from 2018 to 2024, and Director of Postsecondary Success at the Bill & Melinda Gates Foundation from 2012 to 2018. His academic credentials include degrees from the University of Pennsylvania and a doctorate from Oxford University.

Mr. Millerchip comes to the board with a strong background in finance, retail banking, and corporate strategy. He has been the Executive Vice President and Chief Financial Officer at Costco Wholesale Corporation since March 2024. His experience also includes various leadership roles at The Kroger Co. from 2008 to 2024, including Senior Vice President and Chief Financial Officer, and CEO of Kroger Personal Finance. His earlier career was with the Royal Bank of Scotland, where he served in several leadership positions. Millerchip holds a bachelor’s degree from Birmingham City University and a postgraduate degree from the University of Warwick.

The Chair of the Board of Directors at Sallie Mae, Carter Franke, stated that the addition of Dr. Greenstein and Mr. Millerchip will complement and enhance the board’s expertise. They are expected to contribute significantly to the company’s strategic priorities and to deliver value for customers and shareholders.

Sallie Mae is known for providing financing to support access to higher education and for offering resources that help customers achieve their goals beyond college. The company emphasizes that education and lifelong learning are key to achieving great things. With analysts maintaining a bullish outlook and five analysts recently revising earnings estimates upward, detailed analysis and additional insights are available through InvestingPro’s comprehensive research reports, which provide deep-dive analysis of over 1,400 US stocks, including Sallie Mae.

The appointments of Dr. Greenstein and Mr. Millerchip to the Sallie Mae board of directors aim to leverage their extensive experience and perspectives to further the company’s strategic objectives, building on its strong financial foundation with a gross profit margin of 100% and healthy return on equity of 33%.

In other recent news, Sallie Mae (SLM Corp) reported impressive financial results for Q1 2025, with earnings per share (EPS) of $1.40, surpassing the expected $1.15. This marks a notable increase from the previous year’s EPS of $1.27. The company’s net interest income for the quarter was $375 million, though this was a decrease of $12 million from the prior year. Loan originations saw a 7.3% year-over-year growth, reaching $2.8 billion, while non-interest expenses decreased by 4%. SLM Corp maintained a strong credit quality, with a delinquency rate slightly improving to 3.6% from 3.7% in Q4 2024. Additionally, the company reaffirmed its guidance for 2025, focusing on moderate balance sheet growth and capital return strategies. The financial community took note, with SLM’s stock experiencing a positive reaction following the earnings announcement. Analysts have not reported any recent upgrades or downgrades for the company.

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