Navient Corporation (NASDAQ:NAVI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENT OF CERTAIN OFFICERS
On May 23, 2018, Navient Corporation (“Navient” or the “Company”) announced that it has entered into a strategic agreement with First Data Corporation (NYSE: FDC) whereby First Data will acquire Navient’s student loan technology platform. In connection with this agreement, and contingent upon the transaction closing, John F. (Jeff) Whorley Jr., Navient’s Group President, Asset Management and Servicing, will depart the Company to join First Data and become a member of First Data’s Management Committee. Additionally, the Company and Mr.Whorley intend to enter into a separation agreement, the material terms of which will be disclosed on Form 8-K/A once an agreement between the parties has been finalized.
Item 5.02 OTHER EVENTS
On May 23, 2018, the Company and First Data issued a joint news release entitled “First Data and Navient Announce Agreement on Student Loan Technology” a copy of which is furnished herewith as Exhibit 99.1.
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Item 5.02 FINANCIAL STATEMENTS AND EXHIBITS |
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Exhibit Number |
Description |
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Joint News Release dated May 23, 2018
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NAVIENT CORP ExhibitEX-99.1 2 jointnewsrelease.htm JOINT NEWS RELEASE Blueprint First Data and Navient Announce Agreement on Student Loan Technology NEW YORK and WILMINGTON,…To view the full exhibit click here
About Navient Corporation (NASDAQ:NAVI)
Navient Corporation is a loan management, servicing and asset recovery company. The Company holds the portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (FFELP), as well as the portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state based on guaranty agreements among the United States Department of Education (ED) and these agencies. Private Education Loans are education loans to students or their families that bear the full credit risk of the customer and any cosigner. The Company operates in three segments: FFELP Loans, Private Education Loans and Business Services. The Company services its own portfolio of education loans, as well as those owned by banks, credit unions, non-profit education lenders and ED. It also provides asset recovery services on its own portfolio, guaranty agencies, higher education institutions, ED and other federal clients, as well as states, courts and municipalities.
