Sallie Mae general counsel Robert Lavet, a 16-year veteran of the student loan consolidator, handed in his resignation on Jan. 31. Corporate Counsel magazine reports that Lavet’s decision comes just three days after Sallie Mae reached a settlement agreement with a buyout group that had walked away from a $25.3 billion bid for the company. Both Lavet and a Sallie Mae spokesman say there is no connection between the two events.
The acquisition group consisted of J.C. Flowers & Co, JPMorgan Chase & Co., and Bank of America Corp. Sallie Mae initially went to court to force the group to go through with the deal or pay a $900 million breakup fee. But in the end Sallie Mae accepted a settlement that brought it $31 billion in credit from its lenders, including JPMorgan and Bank of America. Had the buyout gone through, Lavet’s personal share of the pie would been about $10 million, according to a proxy statement.
“Rob resigned from Sallie Mae,” spokesman Tom Joyce said in a statement to Corporate Counsel. “It was an amicable parting. Rob has been a tremendous general counsel for Sallie Mae. We wish him all the best.”
By W.J. Hennigan