The Hits Just KEEP ON COMING

Posted by Bess Levin, Jan 07, 2008, 11:04am

Oh hey, more terrible news. Unofficial DealBreaker mascot and my personal Jesus, Albert Lord, has been demoted; effective I don’t know when, Anthony Terracciano is Chairman of the Board. Insiders says that Tony previously worked at a bunch of banks, and doesn't curse on analyst calls. Coming right out and saying it is me- this is ridiculous.

Al will continue in his capacity as chief executive, in addition to the lesser role of Vice Chairman of the Board, and in a most sickening turn of events that can only mean one thing (Ludovico technique), The Lord has been brainwashed into A. conducting business/conference calls in an “manner befitting the head of a public company” B. Believing that this whole thing was his idea.

Says the patient: “In a variety of chief executive and board leadership roles, Mr. Terracciano has a long and successful track record of delivering on his commitments to shareholders. When I asked the Board to consider returning to a split of the chairman and chief executive positions, Tony was the logical choice to lead the Board." If you, too, think this is BS, I encourage you to air your grievances in the form of a Molotov-cocktail through the front window of your local Sallie Mae branch office. It probably won’t change anything, but it’ll show them we mean business.

Earlier: "And I'll Just Leave It At That"

Sallie Mae Appoints Tony Terracciano Chairman of the Board [Reuters]

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Posted in: Sallie Mae

Comments

Posted by a FIG guy, Jan 07, 2008 11:45AM

sallie mae has branch offices?

anyway hiring Tony T is a great move, he is probably the most successful turnaround guy in financials in the us, and the banks he has chaired are all sold for ridic premiums

Posted by , Jan 07, 2008 11:49AM

When Tony T was one of the top dozen or so guys at Chase he lived in Bayonne, in an aluminum sided house two family house with his mother upstairs. Wonder if that's still the case. I think its cool that he's so grounded.

Posted by , Jan 07, 2008 11:54AM

sallie mae branch offices: https://www.slmfinancial.com/about/news.html

Posted by , Jan 07, 2008 12:01PM

Al only became chairman when he retired as CEO in the first place, before that he was vice chairman, so now he has that role back.

anyway the guy made like $50 million a year as CEO/vice chairman, so keeping this is perspective, "demoted" is an interesting choice of words

Posted by a FIG guy, Jan 07, 2008 12:03PM

Well I'll be damned. Hell of a time to open a couple of branch offices to get into home lending SLMA. Well done.

Posted by 1-2, Jan 07, 2008 12:11PM

Can we please designate Today as the new AD (Year of our Lord)?

I think it's fitting.

Posted by anon, Jan 07, 2008 12:31PM

Hey FIG guy, you best get back to work. Although it's a catch-22: I don't want you to work too hard so I can buy some FIG stock at $5, but hard enough so it's worth something when it hits $5.

And if you read their news at SLM, the last branch was opened in March of 2007. So, calm down...

I will indeed miss Al Lord on the conf. call...DB may have to close down now.

Posted by a FIG guy, Jan 07, 2008 1:01PM

anon @12:31, if you think march 2007 is a good time to be opening home finance branches (in spite of sallie mae's long and storied history as a successful mortgage finance company) then i hope you will still have some money left buy fortress stock if it ever hits $5

and no i dont work at fortress but i see how you might have made that mistake

Posted by FIG Unmasked, Jan 07, 2008 1:12PM

FÉDÉRATION INTERNATIONALE DE GYMNASTIQUE

Posted by The Instigator, Jan 07, 2008 1:28PM

FOR THOSE of you just joining us from Goldman's back office IT and such, FIG stands for Financial Institutions Group, aka the guys who bring you such great ideas as megabank mergers and the LBO of Sallie Mae

Posted by , Jan 07, 2008 1:50PM

Tony T was a great choice.

Posted by , Jan 07, 2008 2:06PM

FIG stock??? Hysterical

Posted by , Jan 07, 2008 2:52PM

@1:28 and @2:06, FIG = Fortress is an honest mistake that likely came from someone that spends their time on the equities side of the business. Certainly not worthy of the snarky reply you both dished out. You should both learn to play nicer.

Posted by i said "tit", Jan 07, 2008 4:10PM

@2:52 i think the point was that anon seemed pretty happy to use his own "snark" as you say to snipe at FIG guy about working at FIG, when, in fact, he does not, so tit for tat he kinda had that coming

agreed, an honest mistake

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