We view Terracciano as a credible independent board chairman with strong banking industry experience, who is well respected by the investment community, Ball said.
Although SLM s move helped calm investor jitters about board oversight and management structure, Terracciano and his team will face daunting challenges in order to turn the company around.
Now the 68-year old Terracciano will have to take over where Lord left off, and attempt to revive the ailing company, which has lost 62% of its stock-market value over the past year.