CIT Group Names Mason President, COO

CIT Group named Alexander T. Mason president and COO. Jeffrey M. Peek previously held the position of president but dropped that title when he was named chairman in January 2005. The post of president has been vacant since July 2004 and the COO position vacant since January 1, 2005.

When asked why the positions remained vacant for so long, Mary Flynn, director of media relations said in an email, that the responsibilities were being shared and the positions were not vacant. “Jeff Peek, chairman and CEO of CIT and various members of the management team were handling the responsibilities for the COO position," she said. "Jeff will continue his role as chairman and CEO and will concentrate on strategic initiatives, corporate governance, client management, and stakeholder relations.”

CIT did not comment as to why Peek dropped the positions of president and COO when he did. Flynn said, “Jeff Peek was the last executive to serve as president and COO from the time he joined CIT in September 2003 until July 2004 when he was elected president and CEO.”

 
The Wall Street Journal reported yesterday that Mason’s appointment might indicate he will be Peek’s successor, describing him as the chairman's "new right-hand man."

Mason brings 30 years of experience in the financial-services industry. He served as chairman and COO of Mercantile Bankshares until it was acquired by PNC Financial Services Group in March 2007.

CIT has also reached a deal with Goldman Sachs Group that will provide CIT with $3 billion in long-term financing. CIT will be able to finance both existing assets and originate new loans.