Navient President and CEO Jack Remondi seen here speaking at the opening of the corporate headquarters of Navient.
Navient announced on Monday, June 17, that Tim Hynes would assume the newly-created role of Executive Vice President of Consumer Lending, banking on his 15 plus years of experience in credit, acquisition, and risk management experience.
Previously, Hynes had served as Navient’s Chief Risk and Compliance Office up until 2014. He also served as Navient’s credit and asset recovery divisions when he joined the company in 2008.
Jack Remondi, President and CEO of Navient, said the following: "Tim is ideal for this new role. Tim's decades of varied business experience will serve him and the company extremely well as he leads Navient's education loan refinancing business opportunities."
Additionally, Navient announced that Steve Hauber would serve as Hynes’ replacement for the role of Chief Risk and Compliance Officer. Before joining the company in 2003, Hauber served as Vice President of Credit Risk as well as Chief Audit Officer.
Filling the gap left by Hauber, Jennifer Walker will take on the position Chief Audit Officer. A 12-year employee of Navient, Walker previously served as a Vice President in internal auditing, relying on 18 years of experience in the matter.
Remondi had the following to say on the two promotions: "Steve and Jennifer are also extremely well-suited for their new, larger roles. They are good examples of the strength and depth among our leadership talent here at Navient, which will benefit the company as we continue to diversify and grow in new directions."
Headquartered in Wilmington, Delaware, Navient provides asset management and business processing solutions for education, healthcare, and government clients. SLR recently covered Navient’s poor fourth-quarter for 2016, with their net income down $40 million from the last quarter of 2016.
Aside from the reduction in earnings, Navient has had quite a bit to deal with over the past year. They have been embroiled in a lawsuit with the CFPB over claims of misleading their consumers. The accusation has brought widespread criticism from many, including the outspoken Sen. Elizabeth Warren (D-MA).
Navient’s response was an interesting one that may actually carry weight in the court of law. The large student loan servicer claimed that it doesn’t need to act in a consumer’s best interest; in fact, they assert there is no law binding them to do so.
Image Copyright © Jack Markell