Together Again: Terracciano Joins Schoellkopf at Sallie Mae

Former Chase Manhattan Vice Chair Named SLM Chairman

Anthony P. Terracciano, a longtime Chase banker with a reputation for turning around troubled companies, was named chairman of SLM Corp. — known as Sallie Mae — on January 7, 2008.  Reports noted that Terracciano's appointment appeared to be tied closely to Sallie Mae's lead independent director, Wolfgang Schoellkopf (a CAA member), who was treasurer of Chase Manhattan from 1979 to 1988.

The appointment was enough to boost the company's battered shares by 13.6 percent the day it was announced.

A jazz aficionado with a graduate degree in philosophy, Terracciano was a vice chairman of the former Chase Manhattan Corp., where he worked for 23 years.

Terracciano has been president of First Union Corp. and chief executive of the former First Fidelity Bank in Philadelphia, where Schoellkopf served as vice chairman and CFO during his tenure.  

Terracciano also served as president of the former Mellon Bank and, as the company's non-executive chair, guided Riggs National Corp. out of a money-laundering scandal in 2005.