CIT Shakes Up Board

CIT Group announced several changes to its Board of Directors Tuesday as the reorganized lender prepares for CEO Jeffrey Peek to step down at the end of this week.
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NEW YORK (

TheStreet

) --

CIT Group

(CIT) - Get Report

announced several changes to its Board of Directors Tuesday as the reorganized lender prepares for CEO Jeffrey Peek to step down at the end of this week.

CIT, which emerged from a lightning-fast bankruptcy last month, added three well-known financial services industry names to its board, while announcing the resignation of two sitting directors. CIT is trying to shift its funding model to rely more on bank deposits and less on offering debt through the public markets.

The new directors are Gerald Rosenfeld, 63, a longtime investment banker who led

Rothschild North America

for eight years. He still serves as Deputy Chairman at the firm. Rosenfeld also served stints at what is now

Lazard

(LAZ) - Get Report

,

Salomon Brothers

, which later became part of

Citigroup

(C) - Get Report

and

Bankers Trust

, now a part of

Deutsche Bank

(DB) - Get Report

. Rosenfeld has also taught at several universities and served as a McKinsey consultant.

Also joining CIT's board is Anthony Terracciano, 71, chairman of student lender

SLM Corp.

(SLM) - Get Report

, better known as Sallie Mae, and a longtime banking industry executive. Terracciano previously served as Chairman of the Board of

Riggs Corp

, which was sold to

PNC Financial

(PNC) - Get Report

and

Dime Bancorp

which was sold to

Washington Mutual

(WAMUQ.PK).

The third new director is Laura Unger, 49, a former Senate staffer and Republican commissioner to the

Securities and Exchange Commission

. Unger has also worked for

CNBC

, and served as a consultant

JPMorgan Chase

(JPM) - Get Report

.

Stepping down are former Congressman Chris Shays, and Lois Van Deusen, a real estate attorney at

McCarter & English

, where she was formerly managing partner of the firm.

CIT's stock, which has risen more than 25% since it emerged from bankruptcy Dec. 10, was down slightly in early trading Tuesday.

--

Written by Dan Freed in New York

.

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