Bank holding company CIT Group Inc. (CIT) on Monday named Nelson Chai as the company' president, effective immediately. Chai previously served as the company's executive vice president, chief administrative officer and head of strategy.
As President, Chai will maintain his current responsibilities and also assume oversight of CIT's Corporate Finance and Vendor Finance operating segments. He will continue to report directly to CIT's chairman and chief executive officer John Thain.
Commenting on Chai's appointment, Thain said, "Nelson has been a key member of my executive team and instrumental in CIT's continuing transformation. In his expanded role, he will focus on domestic and international growth opportunities and creating operating efficiencies for our Corporate Finance and Vendor Finance business segments."
CIT said that Chai will continue to oversee the company's global infrastructure and operating architecture including its technology platforms. He will also continue to lead the company's strategic planning and business development as well as oversee the insurance and corporate services functions.
Prior to joining CIT, Chai served as executive vice president and chief financial officer of Merrill Lynch & Co., Inc.
Earlier, he served as executive vice president and chief financial officer of NYSE Euronext Inc. (NYX) and its predecessor company NYSE Group, Inc.. He has also served as chief financial officer of Archipelago Holdings.
In Monday's trading, CIT is trading at $33.09, down $1.45 or 4.20 percent on a volume of 1.02 million shares.
For comments and feedback: editorial@rttnews.com