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News Blast: CIT’s CFO Follows CEO In Retiring

December 23, 2009

Reuters is reporting today that CIT’s CFO, Joseph Leone, will follow CEO Jeffrey Peek in leaving the company. The article also reports the CFO’s salary rate has doubled for the balance of his exit (to $1.3 million / year), and that the company will return to a focus of providing loans to small and medium-sized businesses. After CIT’s over-exposure to CDO’s and its bankruptcy as a result, the company is returning to its focus of being a backbone of American business, including the fashion industry.

While Antonio Valente does not factor receivables, we know that a lot of our industry relies on services like these to survive, and we are pleased that CIT emerging from bankrupcy will help keep many members of our community afloat.

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