Sallie Mae today unveiled a plan to split itself into two companies and also named Chief Operating Officer John Remondi as its new chief executive, effective immediately, the Wall Street Journal reported today. The company will separate into an education loan management business and a consumer banking operation, while Sallie Mae said current CEO Albert Lord is moving up his plans to retire. The education loan management business will own 95 percent of Sallie Mae's assets. The main assets are likely to consist of about $118.1 billion in Federal Family Education Loans, $31.6 billion in private education loans, $7.9 billion in other interest-earning assets; and an education loan servicing platform that services loans for about 10 million federal education loan customers.
