Sallie Mae Promotes, Sheds Executives

Student loan provider Sallie Mae announced three major promotions on the executive vice president level late last week. In addition to being named executive vice presidents, Jack Lavin was named CEO; J. Lance Franke was named head of corporate finance and Barry Feierstein was appointed to head sales and marketing. Lavin and Feierstein both previously worked at Arrow Financial Services and came aboard Sallie Mae when that company was acquired in 2004. Separately, Robert Lavet, Sallie Mae's general counsel, left the company in late January after 16 years at the firm. On an interim basis, Deputy General Counsel Michael Sheehan will head the department, according to press reports.