CIT Group announced that Steven T. Mnuchin has resigned from its board of directors, effective immediately. His resignation follows President-elect Donald J. Trump’s announced intention to nominate Mnuchin as the next Secretary of the Treasury.

“On behalf of the entire board, I want to thank Steven for his contributions to CIT,” said Ellen R. Alemany, chairwoman and CEO. “Steven has been a valued member of our board, and we wish him well in this monumental role.”

Vice Admiral John Ryan, USN (Ret.), CIT lead director, stated, “We are extremely proud that Steven has been afforded the opportunity to serve our great nation in such a significant capacity. We are grateful for his contributions and wish him well in his position in the administration.”

Mnuchin said, “I’m honored to have the opportunity to take on this important role and I’m looking forward to helping advance the President-elect’s economic priorities. It has been a privilege to serve on the CIT board of directors.”