CIT Adds a Dash of FAIL with Merrill Lynch's Thain
pic credit: driftglass
The last time John Thain tried to "help", things got scary and ugly. Oh wait, they already were, my bad.
Former Merrill Lynch & Co. chief John Thain is joining embattled lender CIT Group Inc., bringing together two prominent casualties of the credit crisis.
Mr. Thain, who left Bank of America Corp. 13 months ago amid controversy over its takeover of Merrill, will be CIT's chairman and chief executive. CIT, a major lender to small businesses, nearly collapsed in 2009, several years after it expanded into subprime mortgages and student lending.
Thain doesn't have a very good resume at this point, it's a wonder guys like this can stay employed.
CIT is squealing, releasing this Sunday:
CIT Board of Directors Elects John A. Thain Chairman and Chief Executive Officer
NEW YORK, Feb 07, 2010 (BUSINESS WIRE) -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Board of Directors has elected John A. Thain Chairman and Chief Executive Officer effective immediately. The Board has tasked Thain (54) to continue CIT's transition to a more streamlined commercial lender focused on serving the small business and middle market sectors and optimizing the Company's business model.
Thain replaces Peter J. Tobin, who has been acting as interim Chief Executive Officer.
Tobin will remain a Director of CIT.
Vice Admiral John Ryan, Lead Director, speaking on behalf of the Board of Directors, said, "John is a well respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage. CIT and its customers will benefit enormously from his breadth of experience, industry acumen and deep knowledge of the financial services sector. We have the utmost confidence in John and are pleased to welcome him to CIT."
Speaking about his appointment, Thain commented, "I am pleased to have the opportunity to lead the newly reorganized CIT. The Company's numerous market-leading positions are evidence of the resiliency of the franchise and its unwavering commitment to its customers."
Everyone is "pleased", that's not exactly a squeal.