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Article: CIT Initiates CEO Transition.
- Article from:
- Business Wire
- Article date:
- October 13, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jeffrey M. Peek to Lead Restructuring Effort through Year-End
NEW YORK -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that Jeffrey M. Peek has informed the Board of Directors that he plans to resign as Chairman and Chief Executive Officer from CIT effective December 31, 2009. The Board is forming a Search Committee to oversee the recruitment process and ensure a 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 profitability," said Mr. Peek. "By ...