News Summary: Sallie Mae plans to split into 2

Sallie Mae plans to split into 2 separate, publicly traded cos.; names Remondi as its CEO

Associated Press

THE SPLIT: Sallie Mae plans to split into two separate, publicly traded companies. The student loan giant also named John Remondi as its CEO.

THE DETAILS: Sallie Mae, formally named SLM Corp., said Wednesday that the two separate companies — an education loan management business and a consumer banking business — would help unlock value and boost its long-term growth potential.

WHAT'S AHEAD: Newark, Del.-based Sallie Mae anticipates the split, if given final approval by its board, could be completed within 12 months.

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