CIT Beefs Up Leadership

CIT has filled two key positions under new boss John Thain.
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An earlier version of this story incorrectly stated Chai was named CIT's chief financial officer.



) --

CIT Group

(CIT) - Get Report

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

NYSE Group



Merrill Lynch

, prior to its acquisition by

Bank of America

(BAC) - Get Report


CIT Group, which emerged from Chapter 11 bankruptcy protection last year, also added Robert Rowe as chief credit officer. Rowe previously worked at

FirstMerit Corp.



National City


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