An earlier version of this story incorrectly stated Chai was named CIT's chief financial officer.
NEW YORK (
announced two executive hires Monday as new CEO and Chairman John Thain continues his revamp of the lender to small and medium-sized businesses.
Thain appointed Nelson Chai as chief administrative officer and head of strategy, marking at least the third time the duo has collaborated. Previous companies where they worked together with Thain as CEO and Chai as CFO were
, prior to its acquisition by
Bank of America
CIT Group, which emerged from Chapter 11 bankruptcy protection last year, also added Robert Rowe as chief credit officer. Rowe previously worked at
CIT shares were up 1% to $37.19 in recent trades. Year-to-date, the stock had gained 33.3% through Friday's close.
Written by Dan Freed in New York