CIT Initiates CEO Transition
Jeffrey M. Peek to Lead Restructuring Effort through Year-End
October 13, 2009 08:00 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses
market companies, today announced that Jeffrey M. Peek has informed the Board of Directors that he plans to resign as Chairman
Executive Officer from CIT effective December 31, 2009. The Board is forming a Search Committee to oversee the recruitment pr
smooth leadership transition at the Company.
“CIT’s recently launched restructuring plan is designed to enhance its capital levels, bolster liquidity and return the Company to profi
Peek. “By strengthening CIT’s financial position, the Company will advance its bank-centric model and invigorate its market-leadin
support the small business and middle market sectors of the economy. Now is the appropriate time to focus on a transition of leader
forward to working closely with our Board during that process.”
Vice Admiral John Ryan, Lead Director, speaking on behalf of the Board of Directors, said, “We are grateful for Jeff’s many contri
Company. He has exhibited remarkable commitment and resolve while also providing invaluable leadership during a challenging peri
pleased that Jeff has committed to remain fully engaged as CEO through the end of the year, and he will continue to have our compl
conduct the search for his successor.”
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.
About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial produc
services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparall
of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and
lending, retail finance, aerospace, equipment and rail