After restructuring approval, CIT needs new CEO:

12/9/2009 | Bloomberg

CIT Group CEO Jeffrey Peek will step down at the end of the year as the firm emerges from bankruptcy with less debt and more cash. The firm will begin searching for a turnaround specialist to lead the company. "A lot of people might think, 'Why would you want to do that?'" said Jeanne Branthover, a managing director and head of financial-services recruiting at Boyden Global Executive Search. "That's what these people do. There are senior executives that get totally turned on by turnaround situations."

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