CIT Group, a provider of financing to small businesses and middle market companies, announced that Joseph Leone, vice chairman and chief financial officer (CFO), has decided to retire after over 25 years of service. To assist in the transition, Leone has deferred his retirement date until 30 April 2010.
Early this month CIT announced its emergence from bankruptcy, which allowed the company to reduce its total debt by approximately US$10.5bn and liquidity demands over the next three years while enhancing its capital ratios to levels that exceed regulatory standards.
The company has also appointed four new directors to the board: Michael Embler, Arthur Newman, Daniel Ninivaggi and Brad Oates. The search for three additional independent directors and a new chief executive officer (CEO) is progressing in due course.
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Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.