CIT CEO to Resign at End of Year
October 13, 2009 by Mark Ellis
Filed under Business
Struggling lender CIT Group made headlines when it announced a little more than a month ago that it would extend the contract of CEO Jeffrey Peek until September 2, 2010. Today, the company, a commercial lender that gives funding to around 1 million small and medium-sized businesses, announced that Peek will resign from his post as chief executive at the end of the year.
The news comes two weeks after the company announced a massive restructuring plan that will most likely involve either a pre-packaged bankruptcy or an enormous debt swap effort in order to get the lender back on its feet …read more
