Former Merrill chief John Thain to steer CIT Group

The former chief of Merrill Lynch John A Thain, has been appointed as the chairman and CEO of US-based CIT Group, a leading American lender for small and middle market companies.

Thain stepped from Merrill Lynch as chairman and CEO, following its sale to Bank of America.

CIT's board of directors have appointed Thain to the post with immediate effect, the firm said in a statement on Sunday.

"The board has tasked Thain (54) to continue CIT's transition to a more streamlined commercial lender focused on serving the small business and middle market sectors and optimising the company's business model," it noted.

 

He replaces interim CEO Peter J Tobin, who would remain as a director of the company.

Battered by the financial crisis, CIT had reorganised itself in bankruptcy protection last year and also received over $2 billion from the US government.

Thain said that he is "pleased to have the opportunity to lead the newly reorganised CIT".

"...We will build upon this progress and work even harder to support small and mid-market businesses. CIT can and will serve an important role in the recovery of the US economy and creation of jobs," he added.

Earlier, Thain served as CEO of the New York Stock Exchange and had worked for more than 20 years with financial services major Goldman Sachs.

CIT, which has presence in over 50 countries, has more than $60 billion in finance and leasing assets.