JSM · Navient Corporation

Navient's leadership transition positions Edward J. Bramson, an experienced turnaround executive and current Board Chair since 2025, to lead as President and CEO starting June 5, 2026, without compensation in 2026, signaling strong alignment with shareholder value creation. Bramson's background includes CEO roles at seven public companies and partnership at Sherborne Investors Management LP, tied to prior agreements like the 2022 Nomination and Cooperation Agreement and 2025 services deal with Beatrice Associates. David L. Yowan's exit from the CEO role follows three years of leadership, credited with Phase 1 transformation including outsourcing servicing and divesting business processing, providing continuity via his ongoing Board role since 2017. Yowan's severance includes standard termination benefits and an accelerated full-target MIP bonus, avoiding performance risk. Jane Thompson's planned retirement post-Annual Meeting on June 4, 2026, prompts a Board reduction to six members, with Larry Klane stepping up as lead independent director since 2019. This refocuses governance for the next transformation phase, potentially enhancing strategic execution for investors.