On January 9, 2023, the Board of Directors of SLM Corporation approved the appointment of Kerri A. Palmer, age 52, as SLM Corporation's Executive Vice President and Chief Operational Officer, effective as of January 9, 2023. In connection with this appointment, Daniel P. Kennedy ceased serving in that role. Ms. Palmer also was appointed as the President and Chief Operational Officer of Sallie Mae Bank, and she has ceased serving as Chief Risk Officer of SLM Corporation and Sallie Mae Bank.

As a result, Mr. Kennedy has ceased serving as President and Chief Operational Officer of Sallie Mae Bank. At this time, Mr. Kennedy's new title is Executive Vice President, SLM Corporation, a role that he will continue to have until his expected departure from SLM Corporation. Prior to Ms. Palmer's new appointment on January 9, 2023, she served as Executive Vice President and Chief Risk Officer, SLM Corporation and Sallie Mae Bank from April 2022 to January 2023.

Previously, Ms. Palmer served as Executive Vice President and Chief Risk and Compliance Officer, SLM Corporation and Sallie Mae Bank from January 2021 to April 2022. Prior to that, she served as Senior Vice President, Risk Management, Capital One from 2013 to January 2021. In addition, Ms. Palmer served as Managing Vice President and Business Chief Risk Officer, Auto Finance and Mortgage, Capital One from 2008 to 2013.