Deals & People February 8, 2010

Thain Gets New Gig at CIT

John Thain, the former chairman and CEO of Merrill Lynch, is now the chairman and CEO of CIT Group Inc., which provides finance to small businesses and middle-market companies.
Reported by

Thain replaces Peter J. Tobin, who has been acting as interim CEO and will remain a Director of CIT, according to an announcement from the company.

Thain was ousted from Bank of America soon after it acquired Merrill Lynch, amid scrutiny that Merrill Lynch’s losses had not been fully disclosed before the deal went through (see “Thain to Leave Bank of America”). Before running Merrill, Thain was CEO of the New York Stock Exchange. Before that, he was president and COO at Goldman Sachs Group.

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“John is a well-respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage,” said Vice Admiral John Ryan, lead director of CIT’s board of directors, in the announcement. “CIT and its customers will benefit enormously from his breadth of experience, industry, acumen, and deep knowledge of the financial services sector.”

Deals & People February 8, 2010

Stewart Joins PEI as Senior Consultant

Portfolio Evaluations, Inc. (PEI) recently hired Fred Stewart as a senior consultant based in the firm’s Atlanta office.
Reported by

Stewart, who has over 20 years of industry experience and is a member of the Southern Employee Benefits Conference (SEBC), was most recently Vice president Institutional Consulting Group with UBS and member of the Defined Contribution Advisory Board.

According to the firm, Stewart has worked in many organizations, including the mutual fund, insurance, and banking industries, starting his career with Fidelity Investments.

PEI is an independent, fee-only, institutional investment consulting firm with more than 170 clients in 20-plus states (including Canada and Puerto Rico).  With more than $20 billion in assets under advisement, PEI says it is one of the largest privately-owned, independent consulting firms in the U.S.

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