CIT's Peek to Step Down at Year-End
Jeffrey M. Peek, chief executive officer of the CIT Group Inc., will retire from the New York–based commercial finance company at the end of the year. The company’s board is forming a search committee to find Peek’s replacement.
CIT, the largest factor to the apparel industry, is currently exploring options for restoring liquidity. Bondholders are considering two options, including a restructuring plan. In a statement, Peek said: “CIT’s recently launched restructuring plan is designed to enhance its capital levels, bolster liquidity and return the company to profitability. By strengthening CIT’s financial position, the company will advance its bank-centric model and invigorate its market-leading franchises, which support the small-business and middle-market sectors of the economy. Now is the appropriate time to focus on a transition of leadership, and I look forward to working closely with our board during that process.”—Alison A. Nieder
