CIT Group Seeks Option For Commercial Air Business; CEO John Thain To Retire

(RTTNews) - CIT Group Inc. (CIT) announced that its Chief Executive Officer John Thain will retire effective March 31, 2016, and will continue to serve as Chairman of the board. CIT said it has named board member Ellen Alemany to become a member of the management team as Vice Chairman effective November 1, 2015, and upon Thain's retirement become chief executive.

The board also announced that Vice Chairman Steven Mnuchin will step down from management effective March 31, 2016, and will remain as a member of the board. The company announced the appointment of Carol Hayles as finance chief effective November 1, 2015.

CIT Group also announced a series of strategic initiatives to advance its transition to a U.S. Commercial Bank. The company said it would explore strategic alternatives for its $10 billion Commercial Air business, and sell its CIT Canada and CIT China businesses.