Jeffrey Peek to step down as CEO of CIT

Jeffrey M Peek will resign as chairman and chief executive of CIT effective 31 December 2009, the company said, adding that the board of CIT will form a search committee to oversee the recruitment process and ensure a smooth leadership transition.

"CIT's recently launched restructuring plan is designed to enhance its capital levels, bolster liquidity and return the company to profitability," the company quoted Peek as saying.

"By strengthening CIT's financial position, the company will advance its bank-centric model and invigorate its market-leading franchises which support the small business and middle market sectors of the economy. Now is the appropriate time to focus on a transition of leadership, and I look forward to working closely with our board during that process," he added.

"We are grateful for Jeff's many contributions to the company. He has exhibited remarkable commitment and resolve while also providing invaluable leadership during a challenging period. We are pleased that Jeff has committed to remain fully engaged as CEO through the end of the year, and he will continue to have our complete support as we conduct the search for his successor," Vice Admiral John Ryan, lead director, said.

CIT Group Inc, a leading provider of financing to small businesses and middle market companies, has more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses.

Operating in more than 50 countries across 30 industries, CIT provides a combination of relationship, intellectual and financial capital to its customers worldwide. CIT specialises in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance.

Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500.