Sallie Mae Rebels Force Special Vote

A group of dissident board members at the Student Loan Marketing Association said they’re calling for a special shareholder meeting May 9 to vote on a plan to cast off the company’s government charter.

The announcement comes after months of battling between Sallie Mae’s board and the dissidents for control of the company, the largest buyer of U.S. student loans. Both sides said they want to stack the board with their own members once the company becomes a fully private corporation.

“Our meeting will allow shareholders to vote on how their company will be run,” said Albert Lord, the dissident group leader.