Daniel Greenstein
SLMAbout Daniel Greenstein
Independent director at SLM Corporation (Sallie Mae), appointed April 23, 2025, with extensive higher-education strategy and transformation credentials. Education includes BA and MA from the University of Pennsylvania and a PhD from Oxford; age 64 per SLM’s 2025 proxy profile. Determined independent by the Board at appointment and concurrently appointed to the Sallie Mae Bank board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Baker Tilly (US) | Managing Director, Higher Education | 2024–present | Brings higher-ed innovation and transformation experience to SLM’s board oversight. |
| Pennsylvania State System of Higher Education | Chancellor | 2018–2024 | Oversaw statewide public university system to improve outcomes and operational efficiency. |
| Boston Consulting Group | Senior Advisor, Public Sector Practice | 2018–2021 | Advisory experience on public-sector strategy. |
| Bill & Melinda Gates Foundation | Director, US Programs—Education, Postsecondary Success | 2012–2018 | Led strategy to reduce attainment gaps and improve access and affordability. |
| University of California, Office of the President | Vice Provost (Strategic Planning, Programs and Accountability); California Digital Library leadership | 2002–2012 | Strategic planning and scholarly communications leadership in a major higher-ed system. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sallie Mae Bank | Director | 2025–present | Subsidiary board role complements SLM governance. |
| The Institute for College Access & Success | Board Member | 2024–present | Non-profit governance in higher-education access. |
| Excelsior University | Trustee | 2023–2025 | Academic board experience. |
Board Governance
- Appointment and independence: Appointed to SLM’s Board on April 23, 2025; Board determined him independent at that time.
- Committee assignments: Not appointed to any Board committees at the time of his appointment.
- Annual meeting and engagement: 2025 Annual Meeting held on June 17, 2025 (virtual); directors are expected to attend annual meetings; in 2024, 12/12 attended.
- Board leadership and executive sessions: Independent Board Chair (Mary Carter Warren Franke); regularly scheduled Board and committee meetings generally conclude with independent director executive sessions.
Fixed Compensation
| Component | Amount / Terms | Notes |
|---|---|---|
| Board of Directors annual cash retainer | $70,000 | Paid quarterly in arrears. |
| Board Chair retainer | $125,000 | For Board Chair only; not applicable to Greenstein. |
| Committee membership retainers | Audit $15,000; Compensation $12,500; Nominating & Governance $10,000; Financial Risk $10,000; Operational & Compliance Risk $10,000 | Pay depends on committee assignments. |
| Committee chair retainers | Audit $30,000; Compensation $25,000; Nominating & Governance $20,000; Financial Risk $20,000; Operational & Compliance Risk $20,000 | For chairs only. |
| Annual director equity grant | $145,000 in restricted stock (grant-date fair value $144,985; vests at 2025 Annual Meeting) | Greenstein will NOT receive the annual restricted stock award for the current director term; his compensation will be prorated for the remainder of the term. |
Performance Compensation
- Directors do not receive performance-based pay; standard equity grants are time-based restricted stock vesting at the next annual meeting. No options granted to non-employee directors in 2024.
Other Directorships & Interlocks
- Current public company boards: None disclosed beyond SLM/Sallie Mae Bank.
- Interlocks and related-party matters: At appointment, Board disclosed no direct or indirect material interests requiring Item 404(a) disclosure; no family relationships.
Expertise & Qualifications
- Subject-matter expertise: Higher education strategy, innovation, access/affordability, and large-system transformation—aligned with Sallie Mae’s brand and stakeholder mission.
- Education: BA and MA (University of Pennsylvania), PhD (Oxford).
- Strategic oversight skills: Public-sector and foundation leadership; university system governance; consulting advisory background.
Equity Ownership
| Metric | Value | Date/Context |
|---|---|---|
| Total beneficial ownership (Common Stock) | 0 shares (listed as “—” in proxy) | As of record date April 21, 2025; percent of class: “*” (less than 1%). |
| Initial insider filing | Form 3 filed May 5, 2025; period of report April 23, 2025 | Establishes reporting status as a director. |
| Director stock ownership guideline | Value equivalent to 5x annual cash retainer within 5 years of initial election | Company-wide director guideline; compliance expected within five years. |
| Hedging/pledging policy | Prohibited for directors and senior management (short sales, options/derivatives, margin/pledging) | Alignment policy for governance quality. |
Governance Assessment
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Strengths
- Independence at appointment, with no related-party transactions disclosed—supports board effectiveness and mitigates conflicts.
- Deep higher-education strategy experience aligns with Sallie Mae’s mission and stakeholder landscape, potentially enhancing policy and reputational oversight.
- Robust governance framework: executive sessions, independent chair, director ownership guidelines, and hedging/pledging prohibitions bolster investor alignment.
-
Alignment and engagement considerations
- Equity alignment starts from zero ownership as of April 21, 2025, which is typical for a newly appointed director; guideline allows up to five years to reach the required ownership level.
- No committee assignments at appointment could initially limit direct influence on specialized oversight until committee placement occurs.
- For the current term, he will not receive the annual restricted stock award and compensation will be prorated, modestly reducing near-term equity-based alignment vs. peers who received 2024 grants.
-
Policy safeguards
- Related party transaction review process via Nominations & Governance Committee; Regulation O credit policies at the Bank mitigate conflict risk around extensions of credit to insiders.
- Clear director compensation caps and benchmarking approach monitored by an independent consultant mitigate pay inflation risk.
Overall, Greenstein’s credentials strengthen board domain expertise in higher education, with independence and policy safeguards supporting investor confidence; near-term alignment will improve as ownership accumulates in line with guidelines and as committee roles are assigned.