Sallie Mae has appointed Steven McGarry as senior vice president of corporate finance, the student lender said today in a press release.
The moves comes after Sallie Mae announced plans to split into two separate entities, an education loan management and a consumer banking company. A spokeswoman said the company had yet to decide which entity McGarry will eventually work for.
For now, he is charged with overseeing all of the company's funding activities as well as managing its relationships with rating agencies, stock and bond investors.
“Our capital markets and treasury activities are critical functions of our growing and evolving organization,” Joseph DePaulo, executive vice president, banking and finance, said in the press release. “Steve has the experience and talent to lead in this role as we execute our recently announced plan to separate the company,” he said.
McGarry has worked for Sallie Mae's corporate finance team since 1997, taking leadership of equity investor relations in 2003 and fixed income investor relations in 2011. Before joining Sallie Mae, he worked for the Toronto Dominion Bank, where held treasury positions in both London and New York.
Sallie Mae is among the largest issuers of U.S. student loan-backed securities, having issued close to $264 billion in private student loan and federally guarantee student loan transactions to date.
Recently, Standard & Poor’s said that the company's planned split is not expected to have any credit impact on student loan ABS, while Moody’s Innvestors Service said that the split is “credit negative” for Sallie Mae’s SLABS.