Sallie Mae chairman sells 400,000 shares
Tuesday February 6, 12:39 pm ET
The chairman of SLM Corp. has sold 400,000 shares of company common stock on the open market.
Albert Lord, chairman of SLM, the Reston-based student-loan lender known as Sallie Mae, sold the shares, which represent less than 5 percent of his holdings, to provide cash for commitments to various business projects, the company says in a statement.
Lord sold the shares at a range of $45.75 to $46.03 per share, according to a filing with the Securities and Exchange Commission.
Sallie Mae's stock (NYSE: SLM - News) opened Tuesday at $42.45 per share.
Lord now owns about 1 million shares of Sallie Mae stock and holds options to purchase nearly 7.3 million additional shares, the company says.
In March 2005, Lord was named Sallie Mae's chairman, after serving as vice chairman and CEO from 1997 to 2005.
Sallie Mae manages $142 billion in education loans and serves nearly 10 million customers.
Published February 6, 2007 by the Washington Business Journal |
