CIT Names Nelson J. Chai President

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that Nelson J. Chai (46) will become the Company’s President effective immediately. He previously served as the Company’s Executive Vice President, Chief Administrative Officer and Head of Strategy. As President, Chai will maintain his current responsibilities and also assume oversight of CIT’s Corporate Finance and Vendor Finance operating segments. He will continue to report directly to Chairman and Chief Executive Officer John A. Thain.