Investing.com -- Former Merrill Lynch CEO John Thain said Wednesday he will retire from the same position at CIT Group Inc (N:CIT), a move that will become effective in March, 2016.
Thain, 60, joined the commercial lending and leasing services company in February, 2010, after an acrimonious departure from BOA marred by a public dispute with former Bank of America (N:BAC) CEO Ken Lewis. Upon Thain's retirement, CIT board member Ellen Alemany will be promoted to CEO.
Thain will remain with the company as the chairman of its Board of Directors.
“John has been a pivotal leader during one of the most challenging times in CIT’s more than 100 year history," said CIT lead director John Ryan. "Under his leadership he has overseen the successful corporate and financial restructuring of CIT."
"Since taking the helm in 2010, he returned CIT to profitability; rebuilt its management team; eliminated or refinanced approximately $31 billion of high-cost debt; oversaw the termination of the Company’s Written Agreement with the Federal Reserve; returned more than $1.7 billion to shareholders; established a premier Internet Bank, and completed the acquisition of Direct Capital and OneWest Bank. On behalf of the Board, employees and shareholders we extend our gratitude to John for his success and commitment to CIT.”
Before coming to Merrill Lynch, Thain served as the CEO of the New York Stock Exchange for four years from January, 2004 to December, 2007. Thain also worked as the head of Goldman Sachs (N:GS) mortgage securities division from 1985 until 1990 and as the company's Chief Operating Officer from 1999 to 2004.
“It’s been a pleasure to lead an outstanding group of employees over the past five years and oversee CIT’s successful restructuring," Thain said in a statement. "Their hard work and commitment were critical to our efforts to rebuild and grow CIT and has helped ensure that CIT continues to play an important role in supporting small and middle market businesses, two sectors that remain the backbone of the U.S. economy.”
Separately, the company announced that Carol Hayles will become its Chief Financial Officer on November 1. On the same date, Alemany will be promoted to company vice chair. Alemany, a former head of The Royal Bank of Scotland (L:RBS)'s America's division, has been a CIT director since January, 2014.