Navient Holdings director Frederick Arnold retires from board

Frederick Arnold, a member of the board of directors for Navient Holdings, Inc. (NASDAQ:NAVI), has announced his voluntary retirement from the board, according to a recent SEC filing. Arnold informed the company of his decision on Wednesday. Navient shares are currently trading at $6.23, down 26% over the past week and nearly 50% year-to-date.

The filing stated that Arnold's retirement was not due to any disagreement with the company. Navient Holdings expressed gratitude for Arnold's years of service to the company and the board. The press release, which includes the information, was filed with the Securities and Exchange Commission. Recent news also reports that Navient Holdings, Inc. has completed a corporate reorganization, becoming the successor issuer on Nasdaq.

This reorganization involved a merger between Navient Corporation and Navient LLC, with Navient Holdings emerging as the new holding company. All outstanding shares of Navient Corporation common stock were automatically converted into one share of Navient Holdings common stock, with no action required from shareholders. The transaction is expected to be tax-free for U.S. federal income tax purposes.