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Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

By Peter Fearon, Newser Staff

Posted May 23, 2007 5:52 AM CDT

(Newser) – The CEO of student loan giant Sallie Mae resigned unexpectedly yesterday in the midst of a $25 billion buyout by a private equity firm. The Wall Street Journal reports that Thomas J. Fitzpatrick was pressured out to stave off Congressional criticism of the buyout by... Read full story »

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private equity • Sallie Mae • student loans • merger • loans • acquisition • Thomas J. Fitzpatrick • J.C. Flowers and Co • student

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Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

private equity • Sallie Mae • student loans • merger • loans • acquisition • Thomas J. Fitzpatrick • J.C. Flowers and Co • student

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More Newser Stories

Sallie Mae Drops $900M Lawsuit

Move helps struggling student loan provider obtain $31B in financing

$25B Sallie Mae Buyout on the Rocks

Credit market implosion leaves buyer looking for the door

Congress Delivers Loan Relief for Needy Students

Broad overhaul of student loan industry earns broad bipartisan support

Blackstone Makes $7.8B Deal for Alliance

Private equity continues to pour into financial processing

KKR Dominates in '07 Buyouts

With 44% of this year's private equity deals, is firm spending too much too fast?

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