Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Magazine

Table: Portrait of a Survivor


Despite CIT's turbulent history, CEO Al Gamper has hung on for nearly two decades:

1984

Manufacturers Hanover buys CIT from RCA for $1.5 billion. Bank exec Gamper orchestrates deal.

1987

Gamper put in charge after the unit underperforms.

1989

Cash-strapped MH sells 60% of CIT to Japan's Dai-Ichi Kangyo Bank.

1989-1997

While competitor GE Capital goes on buying spree, Gamper emphasizes slow internal growth.

1997-1998

Dai-Ichi spins off its CIT stake in two offerings. Tech-crazy markets react coolly.

1999

Gamper makes first big buy--Toronto-based finance company, Newcourt Credit--despite its last-minute writedown.

2001

Tyco buys CIT for $9.5 billion, keeping Gamper as CEO.

2002 JAN.2

Tyco says it will split into four companies, CIT among them.

FEB.

Tyco reverses course but goes ahead with CIT spin-off.

JUNE

SEC approves CIT IPO. Tyco estimates it will fetch up to $5.8 billion.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus