Sallie Mae's Albert Lord: The Deathwatch Begins

How did Albert Lord become CEO of Sallie Mae (SLM)? He hardly showered himself in glory during the whole debacle with Chris Flowers, during which time he was so busy refusing to negotiate on the sale price that (a) the entire deal fell through, and (b) SLM's own profits imploded.

But become CEO he did. His first act as CEO was to sell 97% of his SLM shares; his second act was to start acting up on his first quarterly conference call with analysts. His final words on that call? "There are no more questions, let's get the fuck out of here." (see full conference call transcript)

What's the record for shortest-lived CEO tenure? Does anybody want to quote an over/under on Lord's defenestration?

Comments

[jswede]

eerily similar to the Skilling comment before Enron went down....

[User 132019]

That is just priceless. Al has never been known to be very professional in the past so why should anyone expect him to start know. It was a good chuckle...thanks Al! Nice knowing ya!

[funboy3]

Down with the ship while singing.......

[ikkeme]

Wow, that is just off the chart rude and idiotic.

[funboy3]

Wait until you see what they do next. Really. It's not going to be pretty.

[Cherylcotterill]

And that's why you don't commit fraud.

[Cherylcotterill]

And that's why you don't lie to investors.

[Cherylcotterill]

And that's why you don't exploit students.