CIT Group recruited former Merrill Lynch CEO John Thain to head the company. Thain will receive a salary that includes $500,000 in cash, $2.5 million in stock that is restricted for a year and $3 million in stock that is restricted for three years. He can also earn a bonus of as much as $1.5 million. Kenneth Feinberg, special master of executive compensation for the White House, put into practice the idea of paying a large part of salaries in stock. "While the U.S. Treasury [Department] no longer has an investment in CIT, we are generally endeavoring to apply Treasury governance best practices," said Curt Ritter, a CIT representative.