January 25, 2010
January 2010--NEW YORK--
CIT Group Inc. (NYSE:CIT), a leading provider of financing to
small businesses and middle market companies, today announced that
Board of Directors has appointed current Board member
Peter J. Tobin (64) Acting Chief Executive Officer. For an
interim period until a new CEO has been appointed, he replaces
Jeffrey M. Peek, whose resignation as Chairman and CEO was
effective January 15, 2010. Mr. Tobin will continue to serve as a
director of CIT. During his long tenure with CIT’s Board of
Directors, Mr. Tobin has held several leadership roles, including
Chairman of the Audit Committee, Chairman of the Risk Management
Committee, and Lead Director.
The search for a permanent CEO continues to progress as the
Board seeks to fill this position in an expeditious manner. Once
appointed, the CEO will also serve on CIT’s Board of
Mr. Tobin has been a director of CIT since July 1, 2002, and
previously from May 1984 to June 1, 2001. He retired from St.
John’s University in May 2005, after serving as Special Assistant
in Corporate Relations and Development to the President of St.
John’s University since September 2003, and previously as Dean of
the Peter J. Tobin College of Business at St. John’s University
since August 1998. From March 1996 to December 1997, Mr. Tobin was
Chief Financial Officer of The Chase Manhattan Corporation and
served as Chief Financial Officer of Chemical Banking Corporation
from January 1992 to March 1996. Prior to 1992, he held a number of
executive positions at Manufacturers Hanover Corporation.
CIT (NYSE:CIT) is a bank holding company with more than $60
billion in finance and leasing assets that provides financial
products and advisory services to small and middle market
businesses. Operating in more than 50 countries across 30
industries, CIT provides an unparalleled combination of
relationship, intellectual and financial capital to its customers
worldwide. CIT maintains leadership positions in small business and
middle market lending, retail finance, aerospace, equipment and
rail leasing, and vendor finance. Founded in 1908 and headquartered
in New York City, CIT is a member of the Fortune 500.
About The Peter J. Tobin College of
The Peter J. Tobin College of Business has provided the highest
quality business education for over eighty years. Many alumni
have risen to senior executive positions in the financial services
community in New York and around the world. Degrees offered
include the Bachelor of Science, Master of Business Administration
and Master of Science. The College encompasses the School of
Risk Management, Insurance and Actuarial Science, which is housed
at the University’s Manhattan location in the heart of the New York
financial district. Recent recognitions for the Tobin College
include a listing by The Aspen Institute among the top ninety
business schools in the United States whose graduate curricula
reflect a commitment to social responsibility and sustainability.
For further information, please contact Jennifer Maizel at (718)
990-6218 or email Maizelj@stjohns.edu.