Khanh T. Tran was appointed to the CIT board of directors. He will also serve on the board of CIT Bank. Tran’s background includes senior executive positions with Pacific Life, Aviation Capital and Flying Tiger Line.
CIT Group completed the sale of its Canadian equipment finance and corporate finance businesses (CIT Canada), with assets of approximately $700 million, to Laurentian Bank of Canada.
CIT Group appointed Stuart Alderoty executive vice president, general counsel and corporate secretary. Alderoty previously served as general counsel for HSBC North America Holdings.
Bloomberg reported CIT fell in New York trading after incoming CEO Ellen R. Alemany outlined plans to cut costs and boost profitability, while offering little new information on the aircraft leasing divestiture.
Ellen R. Alemany has been appointed CEO and president of CIT Bank, effective immediately. CIT also appointed Robert C. Rowe, Steve Solk and Kenneth A. Brause, CRO, president of CIT Business Capital and treasurer, respectively.
CIT announced that CEO John A. Thain will retire effective March 31, 2016 and will be replaced by Ellen R. Alemany. CIT also said corporate controller Carol Hayles will be promoted to CFO effective November 1, 2015.
CIT Group announced that Ellen R. Alemany has been named to CIT’s board of directors, effective immediately. Alemany is the former head of RBS Americas and served as CEO for RBS Citizens Financial Group.