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CIT Group adds three to board

By Heath E. Combs -- Furniture Today, January 18, 2010

NEW YORK —

Lender CIT Group has named three new board members and is considering hiring former Merrill Lynch CEO John Thain to lead the firm.

CIT, a major factoring firm to the furniture industry, had said it would appoint several new independent directors as part of a prepackaged bankruptcy filing in November. It emerged from bankruptcy in December.

The naming of Gerald Rosenfeld, Anthony P. Terracciano and Laura S. Unger completes the reconstitution of its board.

Rosenfeld is deputy chairman of Rothschild North America bank and previously served as its CEO for eight years. Terracciano chaired the board of SLM Corp., or Sallie Mae, and the Riggs Corp. Unger is a consultant and a former commissioner of the U.S. Securities and Exchange Commission.

CIT also said board members Christopher H. Shays and Lois M. Van Deusen have resigned.

The company's board now has 13 directors, seven of whom were appointed since CIT emerged from bankruptcy. The company is continuing to search for a replacement for Jeffrey M. Peek, chairman and CEO, who left CIT on Jan. 15. The new CEO also will serve on the board.

A Reuters article said CIT is considering John Thain, the former Merrill Lynch CEO who resigned from the company early last year after its acquisition by Bank of America in late 2008.

Thain resigned after rushing out billions in bonuses before the acquisition and also is known as the CEO who spent $1.2 million at the height of the recession to refurbish his office after Merrill received government assistance.

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