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.
“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.”