Tags: CIT | CFO | Leone | CEO | Retires

CIT CFO Leone Follows CEO in Retiring

Tuesday, 22 Dec 2009 10:25 AM

The chief financial officer of CIT Group Inc is retiring, the commercial lender said on Tuesday, adding another executive search to the list for a board that is already looking for a chief executive officer.

CIT, which emerged from one of the largest bankruptcies in U.S. history earlier this month, is looking to re-establish itself as a lender to small and medium-sized businesses after a disastrous foray into subprime lending earlier this decade.

CFO Joseph Leone will retire in April after more than 25 years with the company, CIT said in a statement.

Leone's planned departure follows that of CEO Jeffrey Peek, who has delayed his retirement to January 15, according to a regulatory filing. Peek said in October he would retire at the end of the year.

The search for a new CEO is progressing, according to CIT's statement.

Separately, the company said it had appointed four new independent directors, bringing its board to 11 members besides Peek, who is also chairman. CIT said it was still searching for three independent directors.

The final board will consist of 13 directors, CIT said.

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The chief financial officer of CIT Group Inc is retiring, the commercial lender said on Tuesday, adding another executive search to the list for a board that is already looking for a chief executive officer. CIT, which emerged from one of the largest bankruptcies in U.S....
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2009-25-22
Tuesday, 22 Dec 2009 10:25 AM
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