Board of Directors

Michael S. Dunlap
Chairman and Chief Executive Officer

Born 1963

Michael S. Dunlap is Nelnet's Chairman and Chief Executive Officer, as well as one of the founders of the company. In this capacity, Dunlap is involved in helping establish and implement the strategic direction of the company.

Dunlap focuses his time on Nelnet's key strategies of diversifying the company's revenue stream, achieving superior economies of scale through successful operations of all business units, and attaining high quality earnings. He is driven to help develop leadership across the breadth of Nelnet management. He is driven by the Nelnet vision that the customer is number one. "I believe the strength of a corporate leader lies in leadership by example," says Dunlap.

Dunlap is currently the non-executive Chairman of Union Bank and Trust Company and also serves as a Director and President of Farmers & Merchants Investment Inc., the parent of Union Bank and Trust Company.

Dunlap serves on the Lincoln group 2015 which is actively involved in promoting the development of Nelnet's hometown. He's a member of the President's Community Council for Union College and the Board of Directors for the University of Nebraska Foundation. In addition, Dunlap is a member of the Board of Capital Casualty Company; and BankFirst of Norfolk.

Dunlap is a member of the Nebraska State Bar Association. He received a B.S. degree in finance and accounting in 1986 and a J.D. degree from the University of Nebraska in 1988. He lives in Lincoln, Nebraska, with his family.

Chairman of the Executive Committee

Stephen F. Butterfield
Vice Chairman

Born 1952

Stephen F. Butterfield serves as our Vice Chairman. Previously, he served as the company's co-CEO and Vice Chairman. Butterfield also served as a Director for Nelnet's predecessor.

He and Dunlap founded Nelnet with the dream of making the company one of the finest in the education services and finance industry. Butterfield, known as "Butter" to his friends and colleagues, reflects on the significant accomplishments and the realization of their shared dream: " It is rewarding to stand back and see the strong company that Mike and I worked so hard to create and develop. We've seen it through the infancy stages to become the solid, growing company that it is today." He helped develop the philosophy that the leadership of the company works for the associates. This has grown from a way of illustrating his philosophy that Nelnet leadership supports and assists our hard working associates — one distinction that sets the company apart – to a daily mantra for the top officers of the company.

Butterfield's dynamic personality and compassionate leadership have endeared him to Nelnet associates across the nation. His business acumen and accessibility have created trusting and long-lasting relationships throughout the industry.

For nearly 20 years, Butterfield has been involved in the student loan industry. First, he served as President of a for-profit student loan secondary marketing facility located in Scottsdale, Arizona, and subsequently as President of the Student Loan Acquisition Authority of Arizona, a non-profit secondary marketing facility. Prior to his work in the student loan industry, Butterfield spent 15 years as an investment banker; he spent several years in investment banking with Boettcher and Company, specializing in municipal finance.

Butterfield received his B.S. degree in business administration from Arizona State University. He lives with his family in Scottsdale, Arizona.

Member of the Executive Committee

James P. Abel
Director

Born 1950

James P. Abel has been a member of Nelnet's Board of Directors since August 2003 and serves as Chair on the compensation committee. Mr. Abel had previously served as a Director of NHELP-I, Inc., a Nelnet subsidiary, for three years until August 2003.

Since 1983, Mr. Abel has served as President and Chief Executive Officer of NEBCO, Inc., a Lincoln, Nebraska, based company with interests in the manufacture of building materials, construction, insurance, mining, railroading, farming, and real estate.

Mr. Abel serves on the Boards of Directors of Ameritas Life Insurance Corp. and Linweld, Inc. and is an Advisory Board Member for the US Bank Lincoln. He is Chairman of the Nebraska Game & Parks Foundation and is on the Boards of the University of Nebraska Foundation and Nebraska Wesleyan University. Mr. Abel received a B.S. degree from Arizona State University in 1973.

Chairman of the Compensation Committee

Kathleen A. Farrell Ph.D.
Director

Born 1964

Kathleen A. Farrell is an Associate Professor of Finance at the University of Nebraska-Lincoln. Dr. Farrell joined the finance faculty at the University of Nebraska-Lincoln in the fall of 1993. Her primary research interests are in executive compensation, executive turnover and other corporate governance issues. Dr. Farrell's publications have appeared in such journals as the Journal of Business, Journal of Accounting and Economics, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Financial Research, and Advances in Financial Economics. Dr. Farrell teaches courses in corporate finance, managerial finance, and bank management. In 1996 she received the Distinguished Teaching Award and 2004 she received the University Distinguished Teaching Award from the College of Business Administration. Dr. Farrell draws on her experience from KPMG Peat Marwick as a supervising senior where she was involved with audit engagements for banks/savings and loans, manufacturers and college and universities. Dr. Farrell received her PhD in finance from the University of Georgia, and a BBA in finance and accounting from Kent State University. Dr. Farrell is married to Sam Allgood, an associate professor of economics at UNL. They have three children, Eastin, Hannah and Spencer Allgood.

Member of the Nominating and Corporate Governance Committee

Thomas E. Henning
Director

Born 1953

Thomas E. Henning has served as a member of our Board of Directors since August 2003. He serves on the nominating and governance committees.

Mr. Henning serves as President and Chief Executive Officer of Assurity Security Group Inc. and its wholly owned subsidiaries, Security Financial Life Insurance Co. and Assurity Life Insurance Company. Previously, Mr. Henning served concurrently as President and Chief Operating Officer of National Bank of Commerce of Lincoln, Nebraska, and Executive Vice President of First Commerce Bancshares between 1985 and 1990.

Mr. Henning is a member of the Investment Committee for the Lincoln Community Foundation, Chairman of the University of Nebraska Foundation Board of Directors, member of Lincoln Plating Company's Advisory Board and on the board of Stockmens Financial. He is a 1975 graduate of the University of Nebraska, as well as Stonier Graduate School of Banking at Rutgers University. He also has completed the Wharton School's Effective Management Program. Mr. Henning holds the CLU and CFA designations.

"It's a pleasure to serve on the board of a company like Nelnet which provides such a societal good by helping individuals achieve their educational dreams."

Member of the Audit Committee
Member of the Nominating and Corporate Governance Committee

Brian J. O'Connor
Director

Born 1955

Brian J. O'Connor has been a member of Nelnet's Board of Directors since August 2003, and is a member of the audit, as well as the nominating, and governance committees. In addition, he has served as a member of the Boards of Directors of Nelnet Education Loan Funding, Inc., a Nelnet subsidiary, since 1998 and Nelnet Private Student Loan Corporation-I, since 2001.

Since 1997, Mr. O'Connor has held the position of Senior Vice President at Hutchinson, Shockey, Erley & Co., which underwrites and trades securities for various local governments in Arizona and the western United States. Previously, he was Senior Vice President with Alden Capital Markets, Inc., Senior Vice President for Capital Markets Corporation and Vice President for Security Pacific Merchant Bank in Phoenix. From 1983 to 1987, Mr. O'Connor was with Boettcher & Company, Inc., a regional investment banking firm specializing in municipal finance.

In addition, Mr. O'Connor served as a member of the Board of Directors and audit committee of Outdoor Systems, Inc. from 1992 to 1999.

Mr. O'Connor is a graduate of Drake University and Thunderbird, the American Graduate School of International Management.

Chairman of the Audit Committee
Member of the Nominating and Corporate Governance Committee
Member of the Executive Committee

Kimberly Rath
Director

Kimberly Rath is a native of Nebraska and has nearly 25 years of experience in the human resources field. She is a graduate of the University of Nebraska - Lincoln and a recognized leader in the field of executive development and human resources. Demonstrating a strong commitment to others, Rath uses her skills as a leadership management consultant to help clients reach their highest growth potential. Through her initiatives at Talent Plus as managing director and president, she has driven the company's growth at a rate not lower than 20 percent per year. Rath's achievements include:

The strategic development of the Quality Selection Process® (QSP®), with over 50 validated selection interviews in 20 languages. The creation of Collaborative Coaching® for the development and career planning of executives. The actualization of TalentBank®, the online human capital management system built on the talents and measurable performance of an organization's associates.

Rath provides executive management consulting and training to organizations worldwide, including The Ritz-Carlton Hotel Company (the only hospitality company to have twice won the U.S. Department of Commerce Malcolm Baldrige National Quality Award), The Estee Lauder Companies, Mercedes-Benz USA, The Cheesecake Factory, Duty Free Shops and Cadbury Schweppes.

Rath is a member of the Young Presidents' Organization (YPO) as well as Cather Circle, Nebraska Alumni Association's mentoring and networking program for women. She previously served as a member of the Lincoln City/County Child Care Advisory Board. She also had a leadership role on the Executive Advisory Board for the Nebraska Center for Entrepreneurship and helped the Center gain recognition as the No. 1 Undergraduate Entrepreneurship Education Program in the country by the United States Association of Small Business and Entrepreneurship. Rath was a 1998 and 2005 nominee for the Lincoln YWCA Tribute to Women Award.

Prior to founding Talent Plus, Rath worked with The Gallup Organization for seven years, developing relationships with clients through training and development programs.

She is married to Doug Rath, chairman of Talent Plus. They have four children.

Member of the Compensation Committee

Michael Reardon
Director

Born 1953

Michael Reardon has served as a member of our Board of Directors since December 2003 and serves on the compensation, nominating and governance committees. He had previously served since 2001 as an Independent Director for MELMAC, LLC, a Nelnet subsidiary.

Mr. Reardon is the President of ProVision Communications, a telecommunications consulting firm established in 2000. He has also served as the Chairman of HyperFlo, a manufacturer of precision cleaning equipment since 1997. Prior to 1977, Mr. Reardon founded and operated a cellular telephone company.

A graduate of Arizona State University, Mr. Reardon holds a degree in economics.

Member of the Compensation Committee since 2003
Chairman of the Nominating and Corporate Governance Committee since 2003

James H. VanHorn
Director

Born 1952

James H. VanHorn has served as a member of Nelnet's Board of Directors since March 2001 and serves on the compensation and audit committees. Mr. VanHorn is Nelnet's former Executive Director of Loan Generation, which provides fee-based lender servicing and educational support services to government and private entities.

Mr. VanHorn has more than 28 years of operational experience with Bethlehem Steel, Astro Metallurgical, InTuition, Inc., and Nelnet. In June 2003, Mr. VanHorn became President and Chief Executive Officer of InTuition Development Holdings, LLC, which provides service records administration and customer service for 529 Prepaid and Savings programs. InTuition Development Holdings is not affiliated with Nelnet or InTuition Inc. In 1994, he joined InTuition, Inc. and served as President from 1998 until Nelnet's acquisition of the company in June 2003. Before joining InTuition, Inc., Mr. VanHorn served as Vice President of operations at Astro Metallurgical in Wooster, Ohio.

He earned his M.B.A. at Jacksonville University in 1986 and his B.S.C.E. at Valparaiso University in 1974.

Member of the Audit Committee since 2006
Member of the Compensation Committee since 2006