CIT Group appointed Steve Solk president of CIT Consumer Banking and president, California, effective immediately. This is in addition to his current responsibilities as president of CIT Business Capital and a member of CIT’s executive management committee.
Solk will be based in Pasadena, CA and will continue to report directly to Chief Executive Officer Ellen Alemany.
“Steve is a catalyst and a leader who brings deep experience and expertise to our organization,” said Alemany. “As head of CIT Business Capital, he’s been instrumental in helping expand our specialty lending and leasing businesses across the strong technology-enabled platform we acquired through Direct Capital. The decision to have Steve run our Consumer Banking group will help to align our businesses, realize efficiencies and further streamline our operations.”
Solk succeeds John Erickson, who previously decided to step down.
“I want to thank John for his leadership over the past year and for agreeing to stay on as a strategic advisor until year-end,” said Alemany.
In addition to his new role, Solk is president of CIT Business Capital and is responsible for CIT’s Direct Capital, Capital Equipment Finance, Equipment Finance and Commercial Services businesses.
Previously, Solk was an executive vice president of Commercial Finance at RBS Citizens Bank and a member of Citizens’ executive leadership group. Prior to RBS, Solk was responsible for retail banking and consumer and commercial lending for Commerce Bank of Harrisburg. Solk began his career at Bank of America, where he underwrote and managed corporate relationships.