(Corrects paragraph 1 to remove reference to Ellen Alemany
being the former CEO of Merrill Lynch and the NYSE)
Oct 21 (Reuters) - U.S. small-business lender CIT Group Inc
CIT.N said Chief Executive John Thain will retire effective
March 31, 2016 and be replaced by Ellen Alemany, a CIT board
member.
The company also said it would explore strategic
alternatives for its $10 billion commercial air unit and sell
its CIT Canada and CIT China businesses to help with its
transition to a U.S. commercial bank. urn:newsml:reuters.com:*:nBw1pb5Xda
The company said the divestitures would help it simplify its
bank-centric business model.
CIT said Thain would remain with the company as chairman and
Alemany will be appointed vice chairman in November.