October 21, 2015 / 8:44 PM / 3 years ago

CORRECTED-CIT Group CEO John Thain to retire next year

(Corrects paragraph 1 to remove reference to Ellen Alemany being the former CEO of Merrill Lynch and the NYSE)

Oct 21 (Reuters) - U.S. small-business lender CIT Group Inc said Chief Executive John Thain will retire effective March 31, 2016 and be replaced by Ellen Alemany, a CIT board member.

The company also said it would explore strategic alternatives for its $10 billion commercial air unit and sell its CIT Canada and CIT China businesses to help with its transition to a U.S. commercial bank.

The company said the divestitures would help it simplify its bank-centric business model.

CIT said Thain would remain with the company as chairman and Alemany will be appointed vice chairman in November. (Reporting by Ramkumar Iyer in Bengaluru; Editing by Savio D’Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below