Christopher Leech
SLMAbout Christopher T. Leech
Independent director of SLM with deep financial services advisory experience from a 30+ year career at McKinsey & Company, where he served as Senior Partner and later Board Member and Chair of the Risk, Audit and Governance Committee. His expertise centers on strategy and financial, regulatory, and operational risk management; he also serves as a director of Sallie Mae Bank (subsidiary) since 2024. Board independence is affirmed for all nominees other than the CEO; the Board met 14 times in 2024 with all incumbent directors meeting attendance expectations except one director unrelated to Mr. Leech, and 12/12 directors attended the 2024 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| McKinsey & Company | Senior Partner (formerly Partner, Associate) | 1990–2023 | Board Member 2020–2023; Chair, Risk, Audit & Governance Committee 2021–2023 |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sallie Mae Bank (subsidiary) | Director | 2024–present | — |
| Higher Achievement | Board Member; National Board Chair | 2013–2021; Chair 2017–2021 | Non-profit |
| Shady Side Academy | Board Member | 2003–2012 | Non-profit |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent director (all nominees other than CEO deemed independent) |
| Committees (2024) | Member: Compensation; Financial Risk; Preferred Stock |
| Chair roles | None disclosed for 2024 |
| Designations | Audit Committee Financial Expert; Risk Management Expert (Dodd-Frank) |
| Attendance | Board met 14 times in 2024; all incumbents met 75% attendance except one director (not Mr. Leech); 12/12 attended 2024 AGM |
Fixed Compensation
| Component | Policy/Amount | Notes |
|---|---|---|
| Board annual cash retainer | $70,000 | Directors may elect stock in lieu of cash |
| Committee chair retainers | Audit $30,000; Compensation $25,000; Nominating/Gov $20,000; Financial Risk $20,000; Operational & Compliance Risk $20,000 | — |
| Committee membership retainers | Audit $15,000; Compensation $12,500; Nominating/Gov $10,000; Financial Risk $10,000; Operational & Compliance Risk $10,000 | Preferred Stock Committee paid no fees in 2024 |
| Christopher T. Leech – 2024 cash fees | $81,250 | Director fees paid quarterly in arrears |
| All other compensation (life insurance premium) | $20 | — |
Performance Compensation
| Equity Element | Grant Date | Shares/Value | Vesting/Terms |
|---|---|---|---|
| Annual restricted stock (non-employee director program) | June 18, 2024 | 7,069 shares; $144,985 total ($20.51 per share) | Vests in full at 2025 Annual Meeting; forfeiture on earlier departure (except death/disability/CoC) |
| Options | None granted to directors in 2024 | — | — |
| Outstanding restricted stock (incl. DEUs) at 12/31/2024 | 7,138 shares | — | — |
Note: Director equity is time-based restricted stock; no PSUs, options, or performance metrics for non-employee directors are disclosed for 2024 .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None listed for Mr. Leech in SLM’s nominee biography |
| Potential interlocks/conflicts | Related party transactions are reviewed under a formal policy; no director-specific related party transactions for Mr. Leech are described in the proxy sections reviewed . |
Expertise & Qualifications
- Strategic advisory and transformation expertise for financial services; financial, regulatory, and operational risk management .
- Recognized as an Audit Committee Financial Expert and Risk Management Expert under Dodd-Frank .
- Prior governance leadership (Chair of Risk, Audit & Governance Committee at McKinsey & Company) .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (as of record date 4/21/2025) | 7,170 shares; <1% of outstanding |
| Vested options | None |
| Outstanding restricted stock (incl. DEUs) at 12/31/2024 | 7,138 shares |
| Hedging/Pledging | Prohibited for directors; no margin or pledging of Company stock |
| Director ownership guidelines | 5x annual cash retainer within 5 years; all then-current directors in compliance or on track |
| Section 16(a) filings | All required beneficial ownership reports for 2024 were filed in a timely manner |
Governance Assessment
-
Strengths
- Independent director serving on key risk and compensation oversight committees; designated Audit Committee Financial Expert and Risk Management Expert, enhancing board risk oversight depth .
- Solid attendance culture (Board met 14 times; only one director under 75% due to family emergency; 12/12 at 2024 AGM), indicating engaged board processes .
- Pay alignment for directors: meaningful equity grant ($144,985 RS) with one-year vesting to next AGM; ownership guidelines (5x cash retainer) and prohibitions on hedging/pledging support alignment with shareholders .
- Shareholder confidence signals: Say-on-pay approval ~96.6% in 2024; strong multi-year support (≥89% last five years) .
-
Watch items / potential red flags
- No specific related-party transactions involving Mr. Leech are disclosed; related-party oversight resides with Nominating & Governance Committee under a formal policy (monitor for any future third-party engagements connected to prior affiliations) .
- 2024 cash fees ($81,250) came in below the standard retainer plus committee membership math, implying partial-year service and/or fee elections; not a red flag but indicates recent appointment and board refreshment dynamic .
Overall implication: Mr. Leech brings substantial risk, audit, and governance expertise to SLM at a time of elevated regulatory and credit-risk scrutiny in private education lending. His committee assignments (Compensation; Financial Risk; Preferred Stock) and expert designations strengthen risk oversight and pay governance, while director equity and ownership policies support investor alignment. No conflicts or related-party exposures are disclosed for Mr. Leech in the proxy sections reviewed, and board-level say-on-pay support remains robust—net positive for investor confidence .