By Melissa Korn Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–SLM Corp. (SLM) Vice Chairman and Chief Executive Albert Lord received a 2010 compensation package valued at $5.45 million, nearly flat with the prior year.
Lord was paid a base salary of $1.03 million, compared with $1.3 million in 2009. His bonus jumped 58% to $1.5 million, paid half in cash and half in restricted stock.
SLM, commonly known as Sallie Mae, said the student loan company’s leadership “continued to demonstrate its ability to safely guide the company through the unprecedented turmoil the company, the student loan industry and capital markets have experienced over the past several years.”
SLM had derived nearly one-third of its revenue from originating student loans on behalf of the federal government, but that revenue stream was cut off in July as the government brought the originations in-house.
Lord received stock awards valued at $1.24 million, compared with $560,500 in 2009. However, he received options awards valued at $1.56 million, 39% less than the prior year.
Lord’s employment agreement expired in December and was not replaced, making Lord an at-will employee going forward.
President and Chief Operating Officer John (Jack) Remondi, who had been vice chairman and chief financial officer until early January, saw his 2010 compensation fall nearly two-thirds to $2.84 million as he received no options awards in the latest year. Remondi claimed options valued at $5.94 million in 2009.
Remondi, who is also an at-will employee as of earlier this year, received $100,000 in use of the company aircraft to travel between his home and corporate offices. He also received $53,458 to cover an apartment near the headquarters in Reston, Va., as well as utilities, housekeeping and taxes.
Sallie Mae relocated its main office to Newark, Del., earlier this year.
-By Melissa Korn, Dow Jones Newswires
This makes absolutely no sense! While Sallie Mae is STEALING BILLIONS of DOLLARS from the government and the taxpayers to IMPOVERISH the future generation….the CEO and CFO receive 7-figure compensation, a mid-five figure apartment allowance, 6-figures to use the company’s private jet to IMPOVERISH the future generation and commit fraud
studentloantruth 