Deals
Mnuchin to Get $4.5 Million Pay Package as Vice Chairman of CIT
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CIT Group Inc., the lender that struck a deal to buy Steven T. Mnuchin’s OneWest Bank, said the executive will be awarded an annual target compensation package of $4.5 million.
Mnuchin, chairman of OneWest’s parent IMB Holdco LLC, will get a salary of at least $750,000 and bonuses contingent on the company’s performance, New York-based CIT said yesterday in a regulatory filing. Mnuchin, 51, will become CIT’s vice chairman and join the board of the combined company, according to the acquisition announcement.