CIT's Thain Plans to Retire in March, Succeeded by Alemany

John Thain
John Thain. Photographer: Jonathan Fickies/Bloomberg

CIT Group Inc. Chief Executive Officer John Thain plans to retire and will be succeeded by board member Ellen R. Alemany.

Thain, 60, will step down effective March 31 and remain as chairman, the New York-based commercial lender said Wednesday in a statement. Vice Chairman Steven Mnuchin also will step down at the end of March and remain on the board. Controller Carol Hayles will take over as chief financial officer on Nov. 1, according to the statement.

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