CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that, effective December 18, 2009, Michael J. Embler, Arthur B. Newman, Daniel A. Ninivaggi and R. Brad Oates have been appointed by the Company’s Board of Directors to serve as Directors.
CIT’s Board now consists of 11 independent Directors and Jeffrey M. Peek, Chairman and Chief Executive Officer. The search for three additional independent Directors and a new CEO is progressing in due course. Once fully reconstituted, CIT’s new Board will consist of 13 Directors, including seven new independent Directors identified by CIT’s creditors and recommended by the Nominating and Governance Committee of CIT’s Board, five incumbent independent Directors and the new CEO.
The Company also announced today that Joseph M. Leone, Vice Chairman and Chief Financial Officer, has decided to retire after over 25 years of service. To assist in the transition, Mr. Leone has deferred his retirement date until April 30, 2010.
“We are pleased that these outstanding new Directors will be joining CIT to further advance our restructuring strategy and governance initiatives,” said Mr. Peek. “CIT will benefit greatly from their broad banking, legal, risk management and corporate restructuring experience as it transitions to a more focused company serving the financing needs of the small business and middle market sectors. I also want to thank Joe for his long-standing service and his invaluable contributions during the restructuring of the Company. We wish him all the best for the future.”
Newly Appointed Independent Directors
- Michael J. Embler, 45, formerly served as the Chief Investment Officer of Franklin Mutual Advisers LLC, an asset management subsidiary of Franklin Resources, Inc. Mr. Embler joined Franklin Mutual Advisers in 2001 and, prior to becoming Chief Investment Officer in 2005, served as head of its Distressed Investment Group. From 1992 until 2001, he worked at Nomura Holdings America, where prior to his departure he served as Managing Director managing a team investing in a proprietary fund focused on distressed and other event-driven corporate investments.
- Arthur B. Newman, 66, currently serves as Senior Managing Director and Co-Head of the Restructuring and Reorganization Advisory Group at Blackstone Group L.P., a position which he has held since 1991. In this capacity, he has served as advisor to both debtors and creditors on some of the largest business restructurings across a variety of industries. Prior to joining Blackstone Group, Mr. Newman served from 1989 until 1991 as a Managing Director and Head of the Restructuring and Reorganization Group at Chemical Bank & Trust Company.
- Daniel A. Ninivaggi, 45, has served as Of Counsel to the international law firm of Winston & Strawn LLP since July 2009. From 2003 until July 2009, Mr. Ninivaggi served in a variety of executive positions at Lear Corporation, a global automotive supplier, including General Counsel from 2003 through 2007, Senior Vice President from 2004 until 2006 and most recently Executive Vice President and Chief Administrative Officer from 2006. Prior to joining Lear Corporation, from 1998 until 2003, Mr. Ninivaggi was a partner of Winston & Strawn LLP, specializing in corporate finance, mergers and acquisitions, and corporate governance. Mr. Ninivaggi also serves as a senior advisor to Casesa Shapiro Group LLC, an automotive industry consulting firm.
- R. Brad Oates, 56, currently serves as Chairman and Managing Partner of Stone Advisors, LP, a strategic advisory firm specializing in distressed asset situations, which is currently engaged as a contractor by the FDIC to assist in resolving bank receiverships. Prior to joining Stone Advisors, Mr. Oates served from 1988 until 2003 as President and Chief Operating Officer of Bluebonnet Savings Bank FSB, responsible for bank operations and strategic planning in a bank turnaround situation, and as Executive Vice President of Stone Holdings, Inc., the holding company for Bluebonnet Savings Bank and a private investment company specializing in banking, information services, risk management, and emerging technologies.
Early this month CIT announced its successful and expedited emergence from bankruptcy, which allowed the Company to reduce its total debt by approximately $10.5 billion and liquidity demands over the next three years while enhancing its capital ratios to levels that exceed regulatorystandards.
CIT (NYSE: CIT) is a bank holding company with 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 an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions 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. www.cit.com
C. Curtis Ritter
Director of External Communications & Media Relations
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