Jeffrey M. Peek, the chairman and chief executive of CIT group,
will resign from his position on 31 December, it has been
announced.

It is understood that the company’s board is currently forming a
search committee to oversee the transition to new leadership.

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“CIT`s recently launched restructuring plan is designed to
enhance its capital levels, bolster liquidity and return the
Company to profitability,” commented Peek.

“Now is the appropriate time to focus on a transition of
leadership, and I look forward to working closely with our Board
during that process.” He added.

Fred Crawley

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