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-CIT names president.

Global Banking News-August 8, 2011--CIT names president(C)2011 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 08 August 2011

CIT Group Inc (NYSE: CIT), a provider of financing to small businesses and middle market companies, has said that it has named Nelson J. Chai as the company's president, effective immediately.

In his new expanded role, Chai will maintain his current responsibilities and also assume oversight of CIT's Corporate Finance and Vendor Finance operating segments. He will continue to oversee CIT's global infrastructure and operating architecture, including its technology platforms, and also lead the company's strategic planning and business development, as well as oversee the insurance and corporate services functions. He will continue to report directly to chairman and chief executive officer, John A. Thain.

Chai has previously served as the company's executive vice president, chief administrative officer and head of Strategy. He earlier served as executive vice president and chief financial officer of Merrill Lynch & Co Inc, now part of Bank of America (NYSE: BAC). He has also worked as executive vice president and chief financial officer of NYSE Euronext (NYSE: NYX) and its predecessor company NYSE Group Inc, and was chief financial officer of Archipelago Holdings.

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Publication:Global Banking News (GBN)
Date:Aug 8, 2011
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