CIT Appoints Former Merrill Lynch & JPMorgan Chase Executive as Interim CEO

New York Times
January 19, 2010

The CIT Group, the small to mid-market lender, said late Tuesday that it has appointed a director, Peter J. Tobin, as its interim chief executive as it looks for a permanent new leader.

Mr. Tobin, 64, will replace Jeffrey M. Peek, who left the firm on Friday. CIT is currently interviewing a number of candidates for its next chief executive; among them, according to news reports, is John A. Thain, the former chief executive of Merrill Lynch.

He has been a CIT director since 2002, and previously served on the firm’s board from 1984 to 2001. During his time on CIT’s board, he had at points chaired its audit committee and risk management committee and served as lead director.

Mr. Tobin, spent most of his career at Chase Manhattan (now JPMorgan Chase), including as chief financial officer of Chase and predecessor Chemical Banking Corporation.

From 1998 until 2005, he also worked in various roles at St. John’s University, including dean of the Peter J. Tobin College of Business and special assistant in corporate relations and development to the school’s president.