Sallie Mae to move corporate headquarters from Washington, D.C. area to Delaware
July 2, 2010
SLM Corporation, commonly known as Sallie Mae, today announced that it will relocate its corporate headquarters to near Newark, Del., by March 31, 2011.
The relocation to Delaware is consistent with other strategic initiatives the company is taking to align its cost structure with its continuing businesses following the passage of the Health Care and Education Reconciliation Act.
“This decision reflects our need to adapt to the massive changes in our business. We have enjoyed nearly 40 years in the D.C. area; however, the objective is to combine the senior management team in a single location. Delaware officials helped make these changes as efficient as possible,” said Albert L. Lord, CEO.
Sallie Mae opened a facility in Newark, Del., in November 2008 that focuses on the company’s private student loan business, including credit underwriting, collection, customer service, compliance, business development, and its new retail deposit business.