New CIT Group Inc. CEO
by admin - February 9th, 2010.Filed under: Uncategorized.
John Thain was declared the chief executive of CIT Group Inc. after a career as the chief of Merrill Lynch & Co. CIT Group Inc. is the commercial lender that fell to bankruptcy in December after searching for a replacement for four months.
Thain’s new position starts immediately at the CIT base in New York. John Thain will be filling the shoes of Jeffrey Peek, who was also an executive at Merrill Lynch.
John Thain had been forced to give up his position at Merrill & Lynch following Bank of America’s purchase of Merrill & Lynch in 2008. Currently, CIT Group Inc. faces financial troubles due to subprime lending previous to bankruptcy.
CIT Group offers business loans to over 3,000 companies a major railcar leaser and aircraft financer in the United States. They employed 4,480 employees as of September which is tiny compared to Merrill & Lynch.
Thain commented that, “This is a company that’s over 100 years old and its core business is lending to small- and medium-sized companies…If we’re going to get the U.S. economy to continue to grow, if we’re going to create jobs, then we need to have this kind of a company do well.”