Commercial lender CIT Group, Inc. (CIT) announced Friday the appointment of Scott Parker as executive vice president and chief financial officer of the company, effective July 2, 2010.Parker will report directly to Chairman and Chief Executive Officer John Thain.
Separately, the company announced the appointment of Carol Hayles as senior vice president and corporate controller.
In a statement, Thain said, "Scott's unique set of financial and operational skills coupled with his deep experience in the financial services sector will complement our senior leadership team and benefit our organization on a broad scale. His many accomplishments in financial controls, portfolio management, operational efficiency and capital allocation will be invaluable as we advance CIT's business objectives."
The company noted that Parker will oversee all financial operations including the Accounting, Tax, Treasury and Investor Relations departments, while serving as the company's principal financial officer.
Most recently, Parker served as the chief operating officer and chief financial officer of Cerberus Operations and Advisory Company LLC, an affiliate of Cerberus Capital Management, L.P since 2006. Prior to that, he spent 17 years at General Electric Co. (GE) in various financial leadership roles, and was most recently the chief financial officer for GE Capital Solutions.
Prior to joining GE Capital Solutions, Parker also served as chief financial officer of GE Corporate Financial Services.
Separately, the company announced the appointment of Carol Hayles as senior vice president and corporate controller. Hayles will serve as the company's principal accounting officer and will be responsible for managing the Accounting department, as well as all SEC and regulatory reporting. Hayles will report directly to Parker. Hayles spent the past 24 years in various finance roles of increasing responsibility at Citigroup, Inc. (C), and most recently served as deputy controller of Citigroup.
"The appointment of Carol as our Corporate Controller now completes the leadership team of our Finance department. Her prior accounting and regulatory reporting experience will be instrumental as we continue to build a best-in-class Finance department," Thain added.
Thain, the former chief executive officer of Merrill Lynch & Co., was named to his current positions in February, ending a four-month search to fill the positions. Thain is responsible for transitioning CIT to a more streamlined commercial lender focused on serving the small business and middle market sectors and optimizing its business model.
The company exited from bankruptcy protection on December 10, 2009 after having satisfied all of the conditions required to consummate the prepackaged plan of reorganization approved by the U.S. Bankruptcy court.
New York-based CIT historically has specialized in financing for retailers and other forms of secured lending, but ventured in recent years into subprime and commercial lending that went sour and led the 102-year-old lender to collapse under losses from subprime loans. CIT had received a $2.3 billion capital infusion from the federal government in December, under the Troubled Asset Relief Program or TARP, after it was granted a bank holding company status.
In Friday's regular trading session, CIT is currently trading at $33.88, up $0.62 or 1.86% on a volume of 1,800 shares. In the past 52-week period, the stock has been trading in a range of $24.83 to $42.94.
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