CIT Group Inc 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Date of Report (Date of earliest event reported): January 21, 2010 (January 19, 2010)
CIT GROUP INC.
505 Fifth Avenue
Registrants telephone number, including area code: (212) 771-0505
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Section 5 Corporate Governance and Management
On January 19, 2010, the Board of Directors (Board) of CIT Group Inc. (the Company) appointed Peter J. Tobin, a member of the Board, to serve as Acting Chief Executive Officer (Acting CEO) on an interim basis following the resignation of Jeffrey M. Peek, which was effective January 15, 2010. Mr. Tobin will serve until the effective date of the appointment of the new Chief Executive Officer (New CEO). Mr. Tobin will continue to serve as a director, as a member of the Boards Risk Management Committee, and as Chairman of the Special Compliance Committee, but will not be considered independent under New York Stock Exchange rules during his tenure as Acting CEO. In consideration for his service as Acting CEO for an interim basis, Mr. Tobin will be paid compensation in the amount of $8,000 per week until the New CEOs appointment is effective. Mr. Tobins director fees as a non-management director will be waived with respect to the period of his service as Acting CEO. The Company is progressing in its search for a New CEO, who will also serve on the Board.
Background information about Mr. Tobin may be found in the Companys proxy statement for the 2009 annual meeting under the heading Proposal 1 Election of Directors as filed with the Securities and Exchange Commission. That information is incorporated by reference into this report.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 21, 2010