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Thain to head CIT Group

By Furniture Today Staff -- Furniture Today, March 8, 2010

NEW YORK —

Industry lender CIT Group has named former Merrill Lynch chief John Thain as chairman and CEO.

Thain replaces Peter J. Tobin, who had been interim CEO after Jeffrey Peek left last month. Tobin will remain a director of CIT.

Thain resigned from Merrill after its acquisition by Bank of America in late 2008. He formerly held positions as CEO of the New York Stock Exchange and is a former president of Goldman Sachs Group.

He also is known for rushing out billions in bonuses at Merrill Lynch 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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