CIT ANNOUNCES JOHN F. DALY TO RETIRE AS PRESIDENT OF CIT TRADE FINANCE
Retirement Effective June 29, 2012
NEW YORK – CIT Group Inc., cit.com, a leading provider of financing to small businesses and middle market companies, today announced that John F. Daly will retire as President of CIT Trade Finance effective June 29, 2012.
John Daly“John’s leadership and invaluable contributions over the years have maintained CIT’s position as a leading provider of factoring in the United States,” said John Thain, Chairman and Chief Executive Officer of CIT.
“Drawing on nearly four decades of experience in factoring, credit administration and secured lending, John has worked tirelessly with manufacturers, wholesalers, importers and their retail customers throughout his career and has established himself as the “Dean of Factoring.”
“I wish John the very best in his upcoming retirement and thank him for his years of committed service to CIT and our clients.”
Daly has served as President of CIT Trade Finance since 1999. Prior to this, he was Executive Vice President and Senior Credit Officer of CIT Trade Finance and served in various other senior management positions since joining CIT in 1987.
Daly began his factoring career in 1973 with Manufacturers Hanover Commercial Corporation, one of several predecessor companies to CIT.
CIT APPOINTS JONATHAN A. LUCAS PRESIDENT OF CIT TRADE FINANCE
Appointment Effective July 2, 2012 Following Retirement of Current President John F. Daly
CIT Group Inc. announced that Jonathan (Jon) A. Lucas has been named President of CIT Trade Finance effective July 2, 2012 following the retirement of current CIT Trade Finance President John F. Daly on June 29, 2012. Lucas will report directly to Nelson Chai, President of CIT Group Inc.
Jon Lucas“Jon has played an important role within CIT Trade Finance over the past 15 years and I am confident in his ability to lead and grow this business,” said Mr. Chai.
“As one of the largest providers of factoring services in the United States, Jon and his team will continue to develop tailored factoring and financing solutions for consumer product companies in all stages of the business cycle. I look forward to working with him more closely in the future.”
Over his career, Lucas has worked with hundreds of middle market companies and their advisors to develop secured financing and factoring solutions to meet their business needs. Lucas most recently served as Chief Sales Officer of CIT Trade Finance.
Prior to that, Lucas held a number of positions of increasing responsibility in CIT Trade Finance in which he was responsible for client service and retention, business development and client credit quality.
Prior to joining CIT, Lucas developed middle market lending solutions for corporate borrowers while at Fleet Bank and Chemical Bank.
About CIT Trade Finance
CIT Trade Finance is a leading provider of factoring services in the United States for companies that sell into retail channels of distribution. It provides credit protection, accounts receivable management and asset-based lending to manufacturers and importers. cit.com/TradeFinance
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries.
CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com
