NEW YORK (
, 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.
Follow TheStreet.com on
and become a fan on