One month after getting a contract extention, Jeff Peek is stepping down at the end of CIT (CIT).
Peek has held on longer than many might have expected, given the company’s challenges, and he deserves credit for kicking the can down the road.
But he was also instrumental in turning what was once a sleepy provider of vendor financing into an aggressive, NY financial institution.
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. , a leading provider of financing to small businesses and middle market companies, today announced that Jeffrey M. Peek has informed the Board of Directors that he plans to resign as Chairman and Chief Executive Officer from CIT effective December 31, 2009. The Board is forming a Search Committee to oversee the recruitment process and ensure a smooth leadership transition at the Company.
“CIT’s recently launched restructuring plan is designed to enhance its capital levels, bolster liquidity and return the Company to profitability,” said Mr. Peek. “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.”
Vice Admiral John Ryan, Lead Director, speaking on behalf of the Board of Directors, said, “We are grateful for Jeff’s many contributions to the Company. He has exhibited remarkable commitment and resolve while also providing invaluable leadership during a challenging period. We are pleased that Jeff has committed to remain fully engaged as CEO through the end of the year, and he will continue to have our complete support as we conduct the search for his successor.”