CIT Announces Changes to Board of Directors

CIT announced several changes to its board of directors, appointing Ellen Alemany as chairwoman and nominating Michael Carpenter and John Oros for election to the board.

Alemany, who has been a member of CIT Group’s board of directors since January 2014, will succeed John Thain as CEO effective April 1, 2016. She will assume the role of chairwoman following the company’s 2016 annual meeting of stockholders, which is scheduled for May 10.

Carpenter has over 30 years of experience in banking and financial services and most recently served as CEO of Ally Financial.

Oros is a managing director at J.C. Flowers with over 40 years of financial services experience. In connection with Oros’ nomination to the board, CIT entered into an agreement with JCF, which owns approximately 3.5% of CIT’s common stock.

“I am honored to be named chairwoman following John Thain’s retirement in May, and we are pleased to nominate Mike Carpenter and John Oros to serve on our board of directors,” said Alemany. “Mike brings extensive banking experience to the board and a deep understanding of the entire banking sector. John’s longtime financial services experience adds a valuable shareholder perspective to our board. We look forward to benefiting from their insights and judgment as we continue to execute on our business transformation.”

In connection with these announcements, Thain, Michael Embler, David Moffett and Sy Sternberg will retire from the CIT board of directors when their current terms expire at the annual meeting.

“As chairman and CEO, John Thain laid the foundation for the future of CIT. With strong and thoughtful leadership, John oversaw the successful restructuring of the company and returned CIT to growth and profitability,” said John Ryan, CIT lead director. “On behalf of the board, employees and shareholders, we are extremely grateful for his many significant contributions to CIT. In addition, the board is delighted that Ellen has agreed to serve as chairwoman following John’s retirement. Finally, I would like to take this opportunity to thank Michael, David and Sy for their years of service to the board. We appreciate their dedicated stewardship of CIT, and we wish them all the best in their future endeavors.”

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