CIT Group Inc. (CIT: Quote), a New York City-based bank holding company, announced Tuesday the appointment of Nelson Chai as Executive Vice President, Chief Administrative Officer and Head of Strategy, effective June 1, 2010. The company also named Robert Rowe Executive Vice President and Chief Credit Officer, effective June 2.
The company noted that Chai will report directly to its Chairman and Chief Executive Officer John Thain. Chai will be responsible for CIT's global infrastructure and operating architecture, and will also lead its strategic planning, business development and sales activities, as well as the insurance and consumer finance divisions.
Meanwhile, Rowe's primary responsibilities will include overseeing the transaction approval process across CIT's four operating segments, setting credit policy and overseeing the Company's workout/special assets function.
Commenting on Chai's appointment, Thain said, "Nelson will play an instrumental role in the development of strategies that optimize CIT's portfolio of businesses and further build upon our market-leading positions. We remain focused on improving operational efficiencies and infrastructure alignment across the organization."
Prior to CIT, Chai served as Executive Vice President and Chief Financial Officer of Merrill Lynch & Co., Inc. He was also the Executive Vice President and Chief Financial Officer of NYSE Euronext (NYX) and its predecessor company NYSE Group, Inc., and was Chief Financial Officer of Archipelago Holdings.
The new Chief Credit Officer, Rowe, most recently served as Senior Credit Officer - Commercial Banking of FirstMerit Bank. He previously served as Chief Credit Officer of National City Bank.
CIT closed Friday's regular trading session at $36.79, down $0.45, on a volume of 1.6 million shares.
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by RTT Staff Writer
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