Sallie Mae CEO Ray Quinlan leaves

  • Push-out Score determined
  • After about six years in the position
  • Praise and thanks for Quinlan
  • Jon Witter taking over
  • Quinlan said 92 words

(exechange) — Newark, Delaware, March 5, 2020 — Ray Quinlan, chief executive of Sallie Mae, leaves. As announced by SLM Corp. in a news release on Thursday, March 5, 2020, Raymond J. (Ray) Quinlan leaves his post as chief executive officer at the provider of student loans after about six years in the role, effective April 20, 2020.

Ray Quinlan’s duties as CEO will be taken over by Jonathan (Jon) Witter, most recently Chief Customer Officer of Hilton Worldwide Holdings.

The fact that Ray Quinlan’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“Ability to improve top- and bottom-line performance, while enhancing customer experience”

A reason for Ray Quinlan’s departure from the CEO post was not explicitly provided. Sallie Mae said: “Importantly, Mr. Witter is a strategic leader with a demonstrated ability to improve top- and bottom-line performance, while enhancing customer experience.”

Precise information regarding Ray Quinlan’s future plans was not immediately available.

“Step down”

Sallie Mae said: “Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, today announced that effective April 20, 2020, Raymond Quinlan will step down from his role as Chief Executive Officer.”

Share price increase since January 2019

The announcement follows an increase in SLM Corp.’s share price of 21% since January 2019.

In the position of CEO since 2014

Ray Quinlan became CEO of the Company in 2014.

To support with the transition, Quinlan will continue to work with Witter and the company as Chairman of the Board until Sallie Mae’s Annual Meeting of Shareholders, scheduled to take place on June 18, 2020.

Sallie Mae’s Board will appoint a new Chairman in conjunction with Quinlan’s departure from the Board on June 18, 2020.

In this role, Ray Quinlan chairs both the Sallie Mae and Sallie Mae Bank boards of directors.

A banking expert with more than 30 years of experience, Ray Quinlan joined Sallie Mae in 2014.

Prior to joining Sallie Mae, Quinlan served as Executive Vice President of Banking at CIT Group, as well as Chairman and CEO of the Citicorp Retail Financial Services businesses, including Citibank, CitiFinancial, and Primerica Financial Services.

While at Citicorp, he launched Citibank Direct, a full-service Internet bank.

He also served as Executive Chairman of CoastalSouth Bancshares.

Quinlan holds a PhD in economics from City University of New York, as well as MBAs from both Columbia University and New York University.

He also serves on the board for The Graduate Center, City University of New York.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Sallie Mae and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 10.2020 ($).