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Text size [+][-]  Thursday March 18 2010GLOBAL EDITION

Considered view
08 Feb 2010 16:26

Career rehab

Context News

CIT has selected John Thain as its new chief executive. Peter Tobin stepped down as interim CEO, but will remain on the mid-market U.S. business lender's board. 

The former Merrill Lynch chief will receive $500,000 in cash and $5.5 million of restricted CIT stock annually. Thain is also eligible for a 2010 incentive award of up to $1.5 million. 

CIT emerged from bankruptcy in December.

CIT release.

This looks a good match. After its spell in bankruptcy, the U.S. lender needs a motivated technocrat, not an expert in the art of corralling bankers with big egos. The job also plays to the former Merrill chief's strengths -- and offers him a deserved chance at redemption.

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