CIT Names Director Tobin as Acting CEO - TheStreet

CIT Names Director Tobin as Acting CEO

CIT named board member Peter Tobin as acting CEO, replacing Jeffrey Peek, who resigned effective Friday.
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NEW YORK (

TheStreet

) --

CIT

(CIT) - Get Report

, a lender to small and medium-sized businesses, named board member Peter Tobin as acting CEO.

Tobin replaces Jeffrey Peek, who resigned as chairman and CEO effective Friday. Tobin will remain on CIT's board.

CIT, in a statement, said it will continue its search for a permanent CEO.

CIT was forced into bankruptcy on Nov. 1 after the Federal Deposit Insurance Corp. refused to guarantee its short-term debt. It re-emerged on Dec. 10 as a publicly traded company.

CIT shares rose 62 cents, or 1.9%, on Tuesday to $32.64.

-- Reported by Joseph Woelfel in New York.

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